Spot gold prices are trading moderately higher Wednesday ahead of the conclusion of a two-day policy meeting by the Federal Open Market Committee (FOMC) due to be posted at 1630GMT later today. Spot gold prices have been underpinned in recent sessions by some speculative buying as investors gamble on hopes of some form of quantitative easing (QE) program to be implemented by the Federal Reserve at the conclusion of their two-day meeting. A trail of disappointing U.S. economic data of late has raised expectation levels, although an air of caution should remain. Spot gold prices did not get back above yesterday’s high of around $1633 and spent much of the afternoon correcting lower to lows of $1617.90. Prices have been in a narrow range this morning, holding around lows of $1618 and stalling to the upside at $1622.60, with spot gold currently trading $1621.20, up $1.58 from the NY close.
EasyForexNews Research Team