Economy

Gold in holding pattern ahead of Fed rate decision

Gold in holding pattern ahead of Fed rate decision

Gold traded within a range on Wednesday after hitting the lowest in almost five months in the previous session, with investors in a holding pattern ahead of the outcome of a two-day meeting of the US Federal Reserve.

Spot gold was up 0.2 percent at $1,249.47 an ounce at 1235 GMT, while USA gold futures for February delivery were up $3.60 an ounce at $1,252.00.

As the metal provides no yield and investors have to rely on price appreciation for returns, the price of gold has a strong inverse correlation to interest rates.

Hedge funds upped gross short positions - bets that gold can be bought back at a lower price in future - three-fold, also the biggest jump since the government began collecting the data in 2006.

As well as an interest rate decision, the Federal Open Market Committee is expected on Wednesday to reveal an update to the summary of economic projections, which could offer clues on monetary policy.

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The market is also looking forward to the Federal Reserve's guidance for 2018.

Globally, gold edged up 0.09 per cent to Dollars 1,249.30 an ounce and silver by 0.03 per cent to USD 15.82 an ounce in Singapore. That compares to September's high of 26.5 million ounces when gold was hitting its 2017 peak above $1,350 an ounce.

Among other metals, March silver declined by 0.7% to $15.67 an ounce, after losing around 3.5% last week.

Platinum was up 0.1 percent at $888.80 an ounce, after touching its lowest since February 2016 last week.


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