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MTECHTIPS:-Gold prices tick lower in Asia as eyes turn toward Fed

MTECHTIPS:-Gold prices tick lower in Asia as eyes turn toward Fed

Gold eased in Asia on Tuesday in cautious trade as a the Federal Reserve gets set to deliberate on the direction of U.S. monetary policy. On the Comex division of the New York Mercantile Exchange, gold for December delivery was down 0.22% to $1,163.60 a troy ounce, while silver for December delivery eased 0.25% to 15.865 a troy ounce. Copper for December delivery was flat at $2.354 a pound. Overnight, gold inched up on Monday amid a weaker dollar, as investors await the start of the Federal Open Market Committee’s two-day October meeting beginning on Tuesday. Investors were hesitant to make any major moves in Monday’s session ahead of the FOMC’s monetary policy meeting later this week. While the FOMC has hinted that it will likely hold short-term interest rates at its current near-zero level at the meeting, Federal Reserve chair Janet Yellen has still not ruled out a possible rate hike. The FOMC has left its benchmark Federal Funds Rate at its current level between zero and 0.25% for 55 consecutive meetings. Yellen has indicated that the FOMC will take a “data-driven approach,” to its decision as it weighs whether to raise short-term interest rates for the first time in nearly a decade. The U.S. Department of Labor, meanwhile, will release two additional U.S. national employment reports before the FOMC’s December meeting providing the Fed with enough data on the state of the U.S. labor market to help guide their decision.

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