Home » » Gold Holds Near Five-Week High Before Fed Begins Policy Meeting

Gold Holds Near Five-Week High Before Fed Begins Policy Meeting

Written By Kontak Perkasa Futures on Tuesday, October 29, 2013 | 10:02 AM


Kontak Perkasa - Bloomberg, (29/10) -- Gold held near the highest level in five weeks after U.S. economic data backed the case for the Federal Reserve to maintain stimulus, with central bank policy makers set to begin a meeting today to weigh the recovery.

Bullion for immediate delivery traded at $1,353.86 an ounce at 8:43 a.m. in Singapore from $1,352.65 yesterday, when the price touched $1,361.93, the highest since Sept. 20. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, held steady at 872.02 metric tons yesterday.

Gold advanced in October as U.S. lawmakers wrangled over the nation’s budget and debt ceiling, triggering a 16-day partial government shutdown that may have hurt growth. U.S. factory output trailed forecasts in September, while pending sales of previously owned homes fell the most in three years, separate reports showed yesterday.

“Trading is light as investors wait for what the Fed may say about quantitative easing and the timing of a reduction in stimulus,” said Wang Xiaoli, chief investment strategist at CITICS Futures Co., a unit of China’s biggest listed brokerage.

Gold lost 19 percent in 2013 after rallying for 12 years on expectations that the Fed will start to slow its $85 billion in monthly bond buying as the economy strengthens. Fed policy makers, who unexpectedly refrained from tapering at their September meeting, will delay cutting purchases until March, according to economists surveyed by Bloomberg on Oct. 17-18.

Gold for delivery in December was little changed at $1,353.40 on the Comex in New York, heading for the third monthly gain in four. The trading volume was 78 percent below the average for the past 100 days for this time of day, data compiled by Bloomberg showed.
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:02 AM
Share this article :

Post a Comment

 
Copyright © 2011. PT.Kontak perkasa Futures Yogyakarta All Rights Reserved
Disclaimer : Semua Market Reviews atau News di blog ini hanya sebagai pendukung analisa,
keputusan transaksi atau pengambilan harga sepenuhnya ditentukan oleh nasabah sendiri.
Template Created by Creating Website Published by Mas Template
Proudly powered by Blogger