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MTECHTIPS:-Gold prices slip as investors wait for Fed’s signals on policy

Wednesday, July 26, 2017 23:52

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MTECHTIPS:-Gold prices slip as investors wait for Fed’s signals on policy

MTECHTIPS- Gold prices edged lower in North American trade on Wednesday, as investors awaited the Federal Reserve’s policy statement for clues on the course of its next monetary tightening. Comex gold futures were at $1,247.11 a troy ounce by 8:25 AM ET (1225 GMT), down $5.10, or about 0.4%. Gold prices ended lower on Tuesday, suffering the first back-to-back decline in about three weeks. The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting at 2:00 PM ET (1800 GMT), keeping it in a range between 1.0%-1.25%. The central bank will release its post-meeting statement as investors look for any change in language which could point more clearly to the timing of its next rate hike. Market players will also pay close attention to details of when and how the Fed will start reducing its $4.5 trillion balance sheet. The Fed’s comments on inflation will also be in focus. According to Investing.com’s Fed Rate Monitor Tool, conviction for another rate hike before the end of the year has faded, with just 40% of market players expecting another move by December, as the subdued inflation outlook raised doubts over whether policymakers will be able to stick to their planned tightening path

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