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Gold hovers around $1,800 ahead of Fed meeting
SINGAPORE - Gold prices hovered around $1,800 an ounce on Wednesday, as worries about a worsening euro zone debt crisis supported the safe-haven sentiment, while investors awaited the conclusion of a US Federal Reserve policy meeting for trading cues.
The Fed, which has made clear that it is intent on taking further steps to lift growth, is expected to decide to stock up on longer-term Treasury notes to boost a faltering economy.
In the latest sign that the US growth has stalled, new construction of US homes fell more than expected in August, keeping pressure on President Barack Obama to do more to help the economy.
“The expectation of some sort of easing from the Fed and poor economic data will make it difficult for gold to break much sharply below $1,800,” said Li Ning, an analyst at Shanghai CIFCO Futures.
Spot gold traded in a $7 range around $1,800 and edged down 0.1 percent to $1,800.85 an ounce by 0256 GMT, after a 1.4-percent rally in the previous session.
Gold is headed for a 20-percent jump in the third quarter, its biggest quarterly rise in 25 years.
US gold lost 0.2 percent to $1,805.00.
Technical analysis suggested that spot gold may move sideways in the range of $1,761.94 and $1,811 an ounce during the day, Reuters market analyst Wang Tao said.
The recent strength in the dollar has put some pressure on commodities priced in the greenback, as they became more expensive for holders of other currencies.
“Dollar rallied because the US economy, weak as it is, still looks better than the terrible situation in Europe,” said Li.
“But I don’t see the rally sustain much longer as it is forming a double-top pattern on the chart, and the current economic conditions wouldn’t support a strong rally in the dollar.”
The dollar languished for most of the year, helping gold embark on its record-setting rally.
Gold’s rally will extend beyond $2,000 an ounce in the next year, but will not match the record-breaking 50 percent surge of the last 12 months, according to an annual survey of gold investors and analysts at the world’s biggest bullion traders event.
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