Gold prices ahead of the FOMC rate decision
Gold prices are declining ahead of the Federal Reserve Bank interest rate decision, where the feds are expectedto leave them steady between 0-0.25 percent.
Sinceprecious-metal prices are rising, we see that the dollar is inclining in markets versus major currenciesdue tofears. Yesterday, gold fell $0.30 or 0.03% to close at $1096.80 an ounce, as the dollar versus six major currencies which are measured by the Dollar Index, currently inclining to trade at 78.65, while recording a high of 78.69 and a low of 78.39.
Among other precious metals; platinum is traded at $1501.90 from the open of $1515.90; palladium at $415.50 as markets opened at $426.70; silver at $16.58 from opening $16.86; while, copper is at $330.38 from opening of $334.43. Turning to commodity futures, we see that S&P GSCI closed at 500.00 points yesterday, recordinghighs of 502.76 points and lows of 496.50 points; while RJ/CRB Commodity closed at 273.88 points recordinghighs of 276.74 points andlows of 273.67.
SPDR gold trust, the largest exchange-traded fund backed by bullion, stood steady at 1,111.92 metric tons yesterday. Gold was set in London on Tuesday at $1093.25 per ounce, inclining from $1090.75 per ounce during the AM fixing.
In addition, stocks in Asia declined for the eighth consecutive day, marking the longest declines in a row since May 2005,due toworries that a tighter monetary policy in Australia as a result of consumer prices higher than projections, will weigh on economic growth in the nation.
Turning to oil, we see that prices are trading below the $75 per barrel as the dollar is climbing in markets; therefore making oil as an investment to traders more expensive andthereby reducing the appeal of commodity markets.
Currently, spot gold is traded at $1092.65 an ounce recording a high of $1102.35 an ounce and a low of $1091.65 an ounce.