Gold News

Gold steady near $1,100 as investors eye the Federal Reserve interest rate

Gold steady near $1,100 as investors eye the Federal Reserve interest rate

Gold is trading at $1,093 as of 8:23am, GMT, with a bullish trend

Gold held steady near $1,100 an ounce on Wednesday, supported byconsistent retail demand from Asia and views that a U.S. rate decisioncould halt the dollar’s recent gains and add to the precious metal’sallure. The market is carefully watching for any influence on thedollar that could affect gold from the Federal Reserve’s interest ratedecision expected around 1915 GMT. President Barrack Obama’s State ofthe Union speech is also due on Wednesday. China’s credit tighteningsteps and Obama’s plans to limit banks’ risk taking have dampenedconfidence about an economic recovery in the past few weeks, helpinginvestors shift back to the dollar from riskier assets, includingcommodities. Gold is trading at $1,093 as of 8:23am, GMT, with abullish trend.

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