Precious Metals

Gold Prices Flat as Fed Meeting Looms

Precious Metals

Gold prices on Wednesday were flat at $1,241.35 per ounce, after a fall of nearly 1 percent the day before.

Gold prices on Wednesday were flat at $1,241.35 per ounce, after a fall of nearly 1 percent the day before, according to Reuters. The Federal Reserve’s next policy meeting is on Jan. 28-29, and analysts expect the central bank will announce further cuts to its monthly bond purchases.

“There was already a lack of fresh buying after the recent peak about $1,260,” Alexander Zumpfe, trader at Heraeus Metals Germany, told Reuters. “This together with the tapering ‘news’ and expectations that Asian physical buying might slow after Lunar New Year was enough to trigger selling.”

Gold futures for February delivery traded at $1,238.40 an ounce, down 0.25 percent or $3.09.

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