Gold Price Sees Moderate Rally Ahead Of FOMC Statement

New York (July 27)  Gold prices are trading higher and near their daily highs in late-morning dealings Wednesday, ahead of what is arguably the most important economic data point of the week--the FOMC statement due out at 2:00 p.m. EDT. A weak U.S. durable goods order report out Wednesday morning started the rally in gold. Some short covering and bargain hunting then kicked in following recent selling pressure. Look for more active and potentially volatile trading in the immediate aftermath of the FOMC statement. August gold was last up $7.10 an ounce at $1,327.80.

Soure: KitcoNews