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Gold prices steady ahead of Fed meet: 10 things to know

Reuters

Published on December 10, 2019 at 07.07

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Gold prices held steady on Tuesday, ahead of a policy meeting by the US central bank, while investors awaited clarity on whether a next round of US tariffs on Chinese imports will take effect this weekend.
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Spot gold was down 0.1 per cent to $1,461.05 per ounce by 0156 GMT. US gold futures was flat at $1,465.40.
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In Dubai, 24k gold is priced at Dh177.50 and 22k can be bought at Dh166.75.
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Palladium was unchanged at $1,881.34 an ounce. The supply-squeezed autocatalyst metal climbed to an all-time high of $1,898.50 in the previous session.
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China said on Monday that it hoped to make a trade deal with the United States as soon as possible, while President Donald Trump said Washington is doing well in hammering out a trade agreement with Beijing, ahead of possible new tariffs on $156 billion worth of Chinese imports.
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The dollar and yen held the safe-haven high ground on Tuesday, with investors on edge ahead of a looming tariff deadline, the UK election and upcoming central bank meetings in Europe and the United States.
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The US Federal Reserve’s two-day policy meeting starts later in the day. The central bank is widely expected keep interest rates on hold in the range of 1.50 per cent to 1.75 per cent.
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Investors were also looking forward to New European Central Bank boss Christine Lagarde’s first policy meeting on Thursday.
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US consumers’ inflation expectations rose slightly in November, bringing the outlook for near and medium-term inflation up from a five-year low in a New York Federal Reserve survey.
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Goldman Sachs has kept its 3, 6 and 12 month forecast for gold at $1,600 per troy ounces, saying investment demand will be supported by fears of recession and political uncertainty.
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Silver rose 0.1 per cent to $16.61 per ounce, while platinum gained 0.2% to $896.11.
 
 
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