Gold Prices Hold Near Multi-Month Highs Ahead of Fed Minutes
Investing.com - Gold prices were largely unchanged on Wednesday, as investors looked ahead to minutes from the Federal Reserve's latest policy meeting for fresh clues into the outlook for monetary policy in the months ahead.
Comex gold futures were up 50 cents, or less than 0.1%, at $1,231.30 a troy ounce by 9:05 AM ET (1305GMT), holding within sight of a two-and-a-half-month high of $1,236.90 hit on Monday.
Meanwhile, spot gold was trading at $1,227.61 per ounce, up $2.40, or roughly 0.2%.
The Fed raised interest rates by a quarter point following its meeting on Sept. 26 -- its third rate hike of the year -- and took a slightly more hawkish tone by dropping the word "accommodative" to describe its monetary policy stance.
Interest rate futures are pricing in around an 83% chance that the Fed will again raise rates in December, according to Investing.com's Fed Rate Monitor Tool, despite rising trade tension with China and mounting verbal pressure from the White House.
In other metals action, silver futures were 2.9 cents, or 0.2%, higher at $14.73 a troy ounce.
Platinum was down 0.6% at $841.90, while palladium shed about 0.1% to $1,072.50.
December copper tacked on 0.7 cents, or 0.3%, to $2.787 a pound.
Related Articles
Mexico hopeful steel industry can avoid Canada tariffs: minister
