Gold rises for second session as investors eyed Fed meeting
ecPulse
2014-09-16 07:15AM UTC
Gold rose for a second straight session on Tuesday on technical movements, as the Fed starts its two-day meeting today. After falling to near eight month low yesterday, the yellow metal resumed its rise before attention moves tomorrow to the outcome of the Fed meeting. Investors will wait for comments from the Fed Chair Janet Yellen regarding the timing of the first interest rate hike in eight years. Any dovish comments are likely to help the metal to continue its attempt to rebound by increasing interest in non-interest assets and weakening the dollar. Still, the labor market is not strong enough to prompt policymakers to raise interest rates earlier than anticipated. The latest non-farm payrolls figures showed that employers added just 142,000 jobs last month, while initial jobless claims signaled an unexpected rise to 315,000 in the week through September 6. “The Organization for Economic Cooperation and Development Monday cut its economic growth forecasts for the U.S. and other large developed economies, and said the continued weakness of the recovery demonstrated the need for significant changes in economic policy,” according to the Wall Street Journal. Gold is currently trading around $1235.94 after hitting a high of $1238.29 and a low of $1231.87. Crude oil for November’s delivery ticked down to trade around $91.66 after hitting a low of $91.60. The dollar index, which tracks the green currency’s movements versus a basket of major currencies, inched up to trade near its highest level in 14 months around 84.42.
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