Gold hits five-month high as investors await word from US Fed
Spot gold was up 0.1% at $1,250.20 per ounce early on Wednesday, after reaching $1,251.06 earlier in the session
Bengaluru — Gold prices edged higher to a more than five-month peak on Wednesday as a softer dollar supported the bullion while investors awaited cues on the rate hike trajectory of the US central bank from its two-day policy meeting. Spot gold was up 0.1% at $1,250.20 per ounce, as of 4.05am GMT, after hitting its highest since July 11 at $1,251.06 earlier in the session. US gold futures were up 0.1% at $1,254.60 per ounce. "The market is largely in a holding pattern as everyone is focusing on the federal open market committee (fomc) meeting … We see prices largely range-bound," said Benjamin Lu, a commodities analyst with Phillip Futures in Singapore. "The market has priced in the fourth hike but what remains important is the foreguidance for 2019." The Federal Reserve is widely expected to raise interest rates for the fourth time this year, but weak stock markets and slowing global growth may prompt it to tone down its stance on monetary tightening. If it sounds dovish, prices sh...
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