Gold prices remained steady on Monday as investors weighed on the reduced demand for the yellow metal as a safe-haven asset, while the spotlight is on the Federal Reserve (Fed) meeting scheduled to begin on Tuesday.
The yellow metal dropped to a one-week low of $1,226.43 an ounce on Thursday as the US dollar and global equities strengthened.
Gold for immediate delivery slid 0.1% lower to $1,229.88 an ounce, according to the Bloomberg generic pricing, while the yellow metal futures for December delivery lost 0.07% to $1,230.90 per ounce on the Comex in New York. Silver futures for immediate delivery lost 0.10% to trade at $17.165 per ounce in London. Platinum gained 0.3% to $1,254 an ounce, while the Platinum ETP holdings declined to 83.5 metric tons on Oct 24.
The US dollar Index, which measures the strength of the greenback against a basket of major currencies, declined 0.26% to 85.5090.
Money managers’ net bullish position in gold climbed by 45% in the week ended Oct 21, data from the US Commodity Futures Trading Commission showed.
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Assets in the world’s biggest gold-backed exchange-traded fund, SPDR Gold Trust, came in at 745.39 on Friday.
Meanwhile, over the weekend, the European Central Bank (ECB) along with the European Banking Authority (EBA) announced that 25 out of a total of 130 European banks failed the stress tests. However, none of Europe’s major banks failed the stress tests.
All eyes are on the two-day Fed meeting, scheduled to begin on Tuesday as analysts forecast the Federal Open Market Committee will announce an end to its monthly asset purchases at their Oct 28-29 meeting.
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