Gold Steady As Fed Preps Policy Statement

Washinton (Oct 29)   Gold prices are slightly lower Wednesday morning, ahead of the outcome of the US Federal Reserve's monetary policy meeting.

While the dollar's weakness against major currencies is supporting gold, a positive trend in global equity markets is weighing on it.

It is widely expected that the Fed may not start hiking interest rates anytime soon. Meanwhile, economists expect the central bank to wind down its monthly asset purchase program, QEUR3.

Gold futures for December delivery are down  USD2.10  or 0.17% at  USD1,227.30  an ounce.

On Tuesday, gold futures ended up  USD0.10  at  USD1,229.40  an ounce, after declining to a two-week low of  USD1,222.20  an ounce intraday.

While a slightly weaker greenback supported the yellow metal, stronger equity markets and speculation about an extended run for the low interest regime in the US limited its upside.

Silver for December is down  USD0.037  or 0.25% at  USD17.189  an ounce. Meanwhile, copper is up marginally at  USD3.093  per pound.

Source: AllianceNews