Gold continues slide before Fed guidance on interest rates
ecPulse
2014-10-29 17:35PM UTC
Gold prices continued to trade lower on Wednesday as investors awaited the Federal Reserve’s guidance to reiterate a longer timeframe of lower interest rates. The Federal Reserve ends a two-day meeting today, and is widely expected to end its large-scale asset buying program. However, Federal Reserve officials have affirmed they are in no rush to tighten policy further by increasing interest rates, as inflation is still weak, and the labor market has yet to fully recover. Although lower interest rates bode well for non-interest bearing investments such as gold, risks that the U.S. dollar will climb and rates will be higher by less than a year are putting a cap to any rally in gold. Also, a slowdown in China, the world’s largest consumer of gold, is hurting demand for gold. Spot gold was last down 0.35% at $1224.62 per ounce. Gold futures for December delivery, the most active contract on the Comex, fell 0.41% to $1224.30 per ounce. As of 17:23 GMT.
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