Gold Near Three-Month Low as Investors Await Fed Meeting

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Gold Near Three-Month Low as Investors Await Fed Meeting

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PT. Equityworld Futures – Gold futures were little changed, trading near a three-month low as investors awaited the conclusion of a Federal Reserve policy meeting.

Key to the debate for Fed officials meeting this week will be whether the U.S. economy has gained enough steam to warrant removing a pledge to be “patient” on raising borrowing costs. Money managers have cut their gold net-long wagers for six straight weeks amid mounting speculation U.S. interest rates will rise.

Gold futures for April delivery climbed 0.1 percent to settle at $1,153.20 an ounce at 1:37 p.m. on the Comex in New York. Prices touched $1,146.50 on March 11, the lowest since Dec. 1. The metal has posted two straight weekly declines.

The Fed policy statement is due at 2 p.m. on March 18 in Washington. Gains in the labor market are increasing the chances the central bank will raise rates, eroding the haven appeal of gold and sending investors to assets with better yield prospects such as bonds and equities.

Silver futures for May delivery gained 0.8 percent to $15.617 an ounce on the Comex, the second increase in three sessions.

Platinum futures for April delivery slid 0.7 percent to $1,107.90 an ounce on the New York Mercantile Exchange. The price touched $1,105, the lowest since July 2009. Palladium futures for June delivery dropped 1.1 percent to $780.10 an ounce.

sumber : ewfpro.com

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