Economic news

Gold Flat, Key on Fed Rate of Interest Choice

Gold was almost flat on Monday, after a close to 1 percent bounce during the last session, as traders anticipated a U.S. Fed rate choice later during the week, while progress in Sino-U.S. exchange negotiations capped attraction for risk-off assets.

goldPhoto: Flickr

Spot gold was unfaltering at $1,504.42 per ounce starting at 0537 GMT. U.S. gold futures were up 0.1 percent to $1,506.70 per ounce.

The Fed is planned to meet on Oct. 29 and Oct. 30, with investors seeing a 90.4 percent possibility for a 25 bp rate slice, as indicated by CME Group's FedWatch device. The U.S. Fed has just brought down borrowing costs twice this year.

Gold rates were additionally being weighed by a solid greenback, which makes the metal too expensive for purchasers holding different monetary forms.

The greenback equity indicator, which estimates the dollar versus its main currency rivals, was marginally up on Monday morning following rising about 0.6 percent a week ago.

In the meantime, the EU conceded to Friday to London's solicitation for a Brexit cutoff time expansion yet set no new withdrawal date, giving Britain's partitioned parliament time to choose PM Boris Johnson's requirement an early election.

Silver added 0.2 percent to $18.05 per ounce. Platinum was unchanged at $925.92 per ounce, while palladium gained 0.8 percent to $1,777.65 per ounce.


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