Gold prices go up as dollar dips down ahead of Fed meeting

Discussion in 'Metals' started by Profiforex_Victory, Sep 19, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Gold prices didn't lose its overnight gains in course of today's North America's session. The increase in the U.S. dollar comes with many investors losing hope that the Federal Reserve may increase interest rates this week.

    Gold for December delivery on the Comex division of the New York Mercantile Exchange had gone up by $8.10, moving up by 0.62%, such that it traded at $1,318.30 a troy ounce by 8:30AM ET (12:30GMT). Just last week Friday, prices for the yellow precious metal had deeply dropped down to $1,309.20. This point was its least it has fallen to since the first day of this month.

    For now we don't really expect the Federal Reserve to declare interest rate hike when its officials end their two-day policy meeting in two days time. Janet Yellen who occupies the position of Fed Chair will be presiding over a crucial press conference for half an hour after the Fed's statement is published. Investors will be greatly watching this for possible hint to when we could have the next interest rates hike especially as investors want to know by all means if we will still be having interest rates this year by December.

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