The gold price moved lower during Thursday sessions with little clues to the timing of the first US interest rate hike.
Spot gold was last at $1,085.9/1,086.2 per ounce, down $10.9 on the previous close. Trade has ranged from $1,084.2 to $1,098.8 so far.
The Federal Reserve policy statement for July included no new information on when the next rate hike might happen.
Federal Open Market Committee (FOMC) said that the labour market continues to improve with “solid job gains and declining unemployment”, which was modest upgrade from the prior month’s release and could be viewed as mildly hawkish.
The members of the Fed’s policy board are locked in a debate on when will be the right time to raise rates, which have been near zero since December 2008. Since its decision is now entirely dependent on US data, a rate increase could happen at any future meeting.
Gold initially traded higher after the release by the FOMC but then settled back to same price before the statement.
“Gold is likely to remain weak in the near term, in our view, with upside resistance near the psychological $1,100 per ounce level,” HSBC said.
Economic agenda is busy today. German prelim CPI for July, German unemployment for June, Spanish flash CPI and GDP for July, US goods trade balance for June, US unemployment claims for the week ending July 24, and the Q2 US GDP report, including advance GDP and advance GDP price index are all scheduled for release later today.
Silver at $14.65/14.70 was little changed. Platinum at $982/987 was $2 lower and palladium at $617/622 was down $2.
The post Gold price slips, Fed keeps interest rates unchanged appeared first on The Bullion Desk.
No comments:
Post a Comment