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Gold steadies ahead of Fed verdict; trade optimism limits upside
Gold prices inched higher on Wednesday, ahead of a widely expected interest rate cut from the Federal Reserve, although easing US-China trade tensions kept bullion strength in check. Spot gold was up 0.2% at $3,957.42 per ounce, as of 0257 GMT, after dropping to its lowest point since October 7 on Tuesday. U.S. gold futures for December delivery eased 0.3% to $3,971.20 per ounce.“The fuel for this short-term correction in gold is a readjustment of safe-haven instrument towards more response instrument like global equities due trade optimism,” OANDA senior market analyst Kelvin Wong said. “In the near-term gold ... (full story)
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