Gold Remains Steady Ahead Of Key Policy Meeting
Los Angeles CA, December 11 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Monday as Gold remains steady ahead of key policy meeting. Gold is down 0.02 percent to $1,248.00 an ounce after gaining $1.40 on Friday to end the week at $1,248.20.
Silver is down 0.35 percent to $15.77 an ounce after adding $0.13 on Friday to finish the week at $15.83. The Gold/Silver ratio fell to 78.85. Platinum is up 0.34 percent to $888.00 an ounce. Palladium is down 0.20 percent to $995.00 an ounce.
Gold edged lower in early trading on Monday after employment data released on Friday showed earnings growth continues to disappoint. Last week, the yellow metal saw its biggest weekly drop in more than six months.
This week investors are mostly sidelined ahead the Feds’ policy meeting. The two-day Federal Open Market Committee (FOMC) meeting starts Tuesday with policymakers expected to agree upon another 25-basis-point rate hike.
CME FedWatch Above 90 Percent
The CME FedWatch Tool continues to show the probability of a rate hike in December at above 90 percent. That â€œmeans the disappointment in wage growth wonâ€™t shift the needle for U.S. monetary policy,â€ said Hussein Sayed, of FXTM. â€œHowever, it isnâ€™t the rate hike that will move the dollar on Wednesday, itâ€™s the tone, economic projections and the dot plot,â€ he added.
“The FOMC’s policy statement, Fed Chair Yellen’s final press conference in charge, and the update to the summary of economic projections will be closely parsed for signs the Fed’s longer term intentions,” said Mitsubishi’s Jonathan Butler.
“Though we expect few major changes to Fed policy until new Fed Chair Powell takes office, dovish language or any caution on the future pace of interest rate hikes… would give some support to Gold by weakening the dollar and lowering Treasury yields.”
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