Commodities

Gold holds ahead of US Federal Reserve minutes

2019-10-09 15:17:44 GMT (Economies.com)

Gold prices stabilized in a limited range during the European session today, as the market pulled back ahead of a speech by the US Fed Chair Jerome Powell and the release of the FOMC meeting minutes, which may offer insight on the future of the US rate cuts.

 

Gold prices traded around $1,503.55 an ounce as of 10:35 GMT, from the opening of $1,505.46, with a session-high of $1,511.39 and a low of $1,499.88.

 

Gold closed higher by 0.8% yesterday, on increased haven demand due to the growing tensions between the USand China ahead of a new trade talks round.

 

The US Federal Reserve Governor, Jerome Powell by 15:00 GMT, will deliver a speech in a panel discussion at a Fed Listens event hosted by the Federal Reserve Bank of Kansas City.

 

By 18:00 GMT, the minutes of the Federal Open Market Committee (FOMC) meeting which was held at September 17-18 will be released, as the meeting saw the second US interest rate cut during this year by 25 basis points to 2.0%.

 

Additionally, investors are anticipating today another statements by Chairman Jerome Powell for more proof on the odds of the continued easing of US monetary policy and which may also offer insight on the potential third rate cut this year.

 

Gold holdings at the SPDR Gold Trust, remained unchanged yesterday for the fourth consecutive day with a total of 923.76 metric tons.

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