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Gold moved in a narrow range yesterday as cautious investors awaited the US Federal Reserve’s decision on interest rates later in the day while weak equities lent support.
Spot gold was up 0,1 percent at $1 489,05 an ounce at 0750 GMT. US gold futures were up 0,1 percent at $1 491,40.
“We seem to be at a bit of an equilibrium around here, stuck between $1 480 and $1 520. If the Fed is more dovish in their outlook, it could be enough to drive gold higher,” said OANDA analyst Jeffrey Halley.
Investors expect the US central bank to lower interest rates by a quarter of a percentage point for a third time this year, according to CME Group’s FedWatch tool.
However, only about a 30 percent chance of another cut in December has been priced in, compared with about 70 percent earlier this month. — Reuters.
Peter Tanyanyiwa
Online Reporter