Gold and Silver Report Wednesday 27th January 2010

By IBTimes Staff Reporter | January 27 2010 5:52 AM

Gold held its price in and around the $1,100 level, as investors waited for tonight's Interest Rate decision, and the State of the Union speech from President Obama. The FED end their two day meeting tonight, and it is widely believed that rates will remain unchanged. Traders will be looking at the FED statement for clues to future interest rate policy, which may well influence the price of the US Dollar.

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Gold & Silver

METAL

LEVEL

CHANGE

GOLD

$1,093.35

+$2.20

SILVER

$16.64

+$0.07

Market News

US consumer confidence jumped in January
UK Q4 GDP came in at 0.1%, lower than analysts expectations (0.4%)
US Interest Rates are widely expected to remain unchanged, but traders will be looking to the statement to eye the potential winding down of the asset purchase programme
Ben Bernanke's term as FED Chairman ends on Sunday, as the Senate continue to debate whether or not he should be granted a second term
Reports suggest that the Chinese Central Bank have made fresh moves to curb lending. China's central bank asked several lenders to raise their reserve ratios according to reports, in an attempt to cool down the nation's loan growth.