Gold little changed ahead of Fed meeting; economic data in focus
ecPulse
2015-01-27 10:53AM UTC
Gold prices steadied on Tuesday ahead of the Federal Reserve`s two-day policy meeting, with several U.S. economic data in focus as traders seek further hints for the metal`s next direction. Investors are looking ahead to the Federal Open Market Committee (FOMC)`s policy meeting concluding Wednesday, for further clarification on if interest rates will be hiked this year; the market consensus believes the FOMC will hold firm and keep its benchmark interest rates near zero. However, the announcement could bring some interesting remarks about the jobs markets and especially consumer-price inflation against the backdrop of a rout in oil markets. Meanwhile, traders are keeping an eye on today`s durable goods orders headline, expected to rise 0.4% in December. The Consumer Confidence Indicator is also expected to rise to 95.5 compared with the previous 92.6. Spot gold held around $1,282 an ounce at 10:00 GMT.
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