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MTECHTIPS:-Gold stays close to 6-week low as investors await Fed outcome

Wednesday, March 15, 2017 3:53
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MTECHTIPS:-Gold stays close to 6-week low as investors await Fed outcome

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MTECHTIPS-Gold prices were modestly higher during North American morning hours on Tuesday, but stayed near the lowest level in six weeks ahead of an expected interest rate hike by the Federal Reserve. Comex gold futures tacked on $1.25, or around 0.1%, to $1,204.30 a troy ounce by 11:20 AM ET (15:20 GMT), within sight of last Friday’s low of $1,194.50, which was the weakest level since January 31. Meanwhile, spot gold was little changed at $1,204.80 per ounce. The Fed kicks off its two-day policy meeting on Tuesday, at which it is widely expected to raise the fed funds target range by a quarter point to a range between 0.75%-1%. The U.S. central bank will also release its latest forecasts for economic growth and interest rates, known as the “dot-plot”. Fed Chair Janet Yellen’s post-meeting press conference will be closely watched for clues on the pace of future rate hikes. Fed officials previously projected three rate hikes in 2017, but that might move up to four, amid signs of an uptick in inflation and continued strength in the jobs market. Meanwhile, investors were focusing on the Dutch election, to be held Wednesday, which is being watched as a bellwether for the spread of populism in Europe, particularly ahead of next month’s French election

 

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