Gold inches up as Fed seen to stay accommodative
Spot gold edged up 0.2% to $1,707.80 an ounce by 0750 GMT, standing above the 100-day moving average at $1,702.64
Gold inched up on Monday as a drop in the
Investors are watching progress in the
- Markets continue lacklustre trades
- Gold inches up as Fed seen to stay accommodative
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The slow improvement in the
Investors await a US Federal Reserve policy meeting on Tuesday and Wednesday, after which the central bank is expected to announce fresh bond purchases of $45 billion a month to replace Operation Twist, the Fed's program of buying longer-dated bonds with sale proceeds from shorter date holdings, due to expire at the end of the year.
"Market expectation is that there could be more quantitative easing towards the end of the month, and this will be supportive of gold," said Lynette Tan, an analyst at Philip Futures in
But Tan said gold was likely to remain trapped in a range between $1,680 and $1,750 an ounce as many investors have moved to the sidelines watching the progress of talks in Washington to avert the "fiscal cliff", $600 billion worth of tax hikes and spending cuts due to kick off next year that is feared would trigger another recession.
Spot gold edged up 0.2% to $1,707.80 an ounce by 0750 GMT, standing above the 100-day moving average at $1,702.64.
"If the Fed shows reluctance to continue purchases of mortgage-backed securities on improving economic outlook, gold will sell off, but I'd say that's maybe a 10% chance," said a Singapore-based trader.
Hedge fund and money managers cut their bullish bets on
But some investors continued to pile into gold-backed exchange-traded funds. Holdings of gold ETFs hit a record high of 76.129 million ounces on December 7, despite stagnant gold prices in recent weeks.
Weaker-than-expected exports growth in
But improving vehicle market in
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