Gold remains near seven-month high on the hope the Fed will keep rates on hold
Bengaluru — Gold prices held steady on Monday, near a seven-month peak scaled in previous session, on the hope the US Federal Reserve will keep interest rates unchanged during its two-day policy meeting later in the week. Spot gold was firm at $1,302.58/oz by 3.08am GMT, while US gold futures climbed 0.3% to $1,301.90/oz. The Federal open market committee meets between January 29 and 30, and chairman Jerome Powell is widely expected to acknowledge growing risks to the US economy as global momentum weakens. “Gold is having a very positive macro stance in the sense the US Fed is going to be more accommodative along with the European Central Bank (ECB), which is seeing downside risks to the economy,” said Edward Moya, market analyst at Oanda. The Fed raised interest rates four times in 2018 and has signalled it will probably lift borrowing costs twice in 2019, although some central bank officials have said they will be patient in raising rates. ECB president Mario Draghi warned last we...
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