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Gold trades lower ahead of U.S. rate decision
Gold is trading lower today after Friday's rebound from recent 3-month lows set on Wednesday last week. A broadly weaker greenback lends some support to bullion today. All eyes are now on the FED's upcoming two-day monetary policy meeting and the rate decision on Wednesday to see if the word "patient" will be dropped and if the U.S. economy has gained enough momentum. Investors hope that the minutes will provide further insight into when the Central Bank is going to hike rates that have been near zero since 2008. The U.S. Commodity Futures Trading Commission reported on Friday that bullish positions on bullion were reduced for the sixth straight week. Physical demand was higher due to low prices but not in sufficient numbers to support the price.
A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as gold is dollar-denominated and not yield-bearing.
Gold is currently quoted at USD1,156.60, -0,21% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Wednesday last week gold traded as low as USD1,147.30.
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