Gold Rises as US Dollar Drops

Gold rose 0.7 percent to trade at $1,233.75 per ounce today after the dollar dropped. The US Commerce Department reported orders for durable goods fell 1.3 percent last month, according to Reuters. However, the gain was tempered by the Federal Reserve meeting beginning later today. It is anticipated that the Fed will announce the end of its quantitative easing program, which would have a negative impact on the price of gold.

MKS head of trading Afshin Nabavi told Reuters he did not see gold breaking its current range in price before the Fed announcement.

“It’s the euro and the stocks which are leading, for the time being,” Nabavi told Reuters.

U.S. gold futures for December delivery rose by $4.50 to $1,233.80 per ounce.