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Gold Prices Hold Steady, Waiting On The Fed
With great anticipation, traders and investors await the conclusion of tomorrow’s FOMC meeting. It is anticipated that the Fed will announce an interest rate hike at this time. Immediately following the conclusion of tomorrow’s meeting, Janet Yellen will hold a news conference. It is at this press conference that Chairwoman Yellen could shed some light into the current disposition of the Fed in regards to asset liquidation and the pace in which future hikes will occur.
It is this information about the Fed’s timetable for asset liquidation, as well as the future pace of rate hikes, which is of most interest to traders and investors. As such, we could see the greatest market gyrations during her news conference.
As of 4 o’clock Eastern Standard Time, gold futures (August 2017 contract) are trading virtually unchanged at $1268.70, which is a drawdown of $0.20 on the day. Physical or spot gold is currently trading at $1266.70, up approximately one dollar on the day. In most likelihood, gold prices will remain flat up until tomorrow’s conclusion of the month’s FOMC meeting.
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