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MTECHTIPS:-Gold prices gain in Asia as Fed policy review ahead to set tone

Wednesday, November 2, 2016 7:16
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MTECHTIPS- Gold drifted higher in Asia on Wednesday ahead of a Fed policy review expected to hold pat, but also add insight into chances for a widely expected rate hike in December. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.17% to $1,290.25 a troy ounce. Also on the Comex, silver futures for December delivery fell 0.14% to $18.392 a troy ounce. Copper futures rose 0.04% to 2.233 a pound. The U.S. central bank is not expected to raise interest rates, but could signal its intent to hike in December amid signs the economy is picking up steam. Traders are currently pricing in a less than 10% chance of a rate hike this week, according to Investing.com’s Fed Rate Monitor Tool. For December, odds stood at 77.4%. Overnight, gold prices rallied to a one-month high during North America’s session on Tuesday, after a new poll showed that enthusiasm for Hillary Clinton has ebbed since the renewal of the FBI’s email investigation ahead of the upcoming U.S. presidential election. An ABC/Washington Post tracking survey released earlier gave Trump 46% support from likely voters, to Clinton’s 45%. Clinton was ahead by 12 points a week earlier. Markets were rattled by news last Friday that the FBI is planning to review more emails related to Democratic presidential candidate Hillary Clinton’s private server, just over a week before the election.

 

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