The spot price of gold continues to remain basically flat as gold trades in a tight range this week ahead of today’s conclusion of the Federal Reserve two day meeting.
This has been the trading call on Gold for last 6 weeks. U.S. default/shutdown.
Ahead of the FOMC statement / decision to whether to taper or not and by how much gold prices dipped below the all-important $1,300 level struggling to keep its head above the $1,300.
Gold prices are basically flat this morning as gold bugs begin their two day Fed watch. Market participants are anticipating the Federal Reserve to announce the start of its unwinding process to its monthly $85 billion bond buying program at the conclusion of the two day meeting.
The spot price of gold continues to flirt with the $1,400 level trading briefly above $1,400 before retreating back below. Gold trading seems to be muted as investors continue to look to the Federal Reserve for any sign/hint to Feds thoughts on the starting point of tapering.
Whether you are a gold bug or not it’s been tough holding gold in 2013 as gold investors watch the price of gold drop over 20% in 2013.
Gold futures are hovering around $1,293.60 or by 0.25% higher on the Federal Reserve Chairman Ben Bernanke
The price of gold this afternoon remains slightly lower by 0.43% or -$6.00 to $1,381.60 as gold traders remain on the sidelines ahead of the Federal Reserve policy meeting and statement this Wednesday.