Spot gold prices are trading modestly higher Thursday as market participants await today’s FOMC policy decision, due at 1630GMT, with Federal Reserve Chairman Ben Bernanke due to conduct a news conference around 1815GMT. Spot gold ended Wednesday’s session marginally lower at $1730.80/oz, down $1.40 from the previous close. Prices remain in a holding pattern ahead of the FOMC decision, with the majority of participants in the precious metal fully expecting some sort of stimulus measures from the Federal Reserve later today. Various metals brokers tell MNI of very limited activity so far this morning, with plenty of sell interest noted above around $1740/41. Some light bids have been seen below around $1720/21. Spot gold prices have been tied to a narrow range during Asian traded hours this morning, paring back from $1735.15 to post an intra-day low of $1729.45 a troy ounce. Spot gold is currently seen trading $1730.90/oz, almost unchanged on the session.
EasyForexNews Research Team