Home / TIPS / MTECHTIPS:-Gold ticks up, as investors await start of FOMC’s October meeting

MTECHTIPS:-Gold ticks up, as investors await start of FOMC’s October meeting

MTECHTIPS:-Gold ticks up, as investors await start of FOMC’s October meeting

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. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a tight range between $1,162.10 and $1,169.60 an ounce, before settling at $1,166.10. With the modest gains, gold halted a three-day losing streak. In spite of the recent losses, the precious metal is still up by approximately 1.85% over the last month of trading. Gold likely gained support at $1,113.30, the low from Oct. 1 and was met with resistance at 1,189.00, the high from Oct. 14. 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. On Thursday, the Commerce Department will release advance estimates for U.S. GDP for the third quarter, one day before it issues a report on Personal Income and Outlays for the month of September. Core PCE inflation, the Fed’s preferred gauge for price growth, inched up 0.1 to 1.3% in August. The reading remains far below the Fed’s target of 2% for long-term inflation.

WWW.MTECHTIPS.COM

07489294118-119

About mtechtips

Leave a Reply

x

Check Also

WWW.CRUDEOILEXPERT.TK 141500 RS. PROFIT IN CRUDE & GOLD SUBSCRIBE CALL NOW 09898439996 DONT MISSSS

TODAY BOOKED 141500/- RS PROFIT IN CRUDE OIL & ...