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PRECIOUS METALS: Gold Range-Bound Ahead Of Fed Meeting

Sep 21st, 2011 09:46 by News

21-Sep (The Wall Street Journal) — Gold was trading in a narrow range in Asia with investors reluctant to take new positions amid cautious trading ahead of the much-awaited outcome of the U.S. Federal Reserve’s two-day policy meeting.

“Investors are mostly on the sidelines and prices are likely to remain range-bound ahead of the Federal Reserve’s decision,” said a Hong Kong-based trader.

Much would depend on the extent of the Fed’s determination to push with a solution.

If Chairman Ben Bernanke comes out with another stimulus by extending the average duration of the Fed’s asset holdings, it is unlikely to have a major impact on markets as current price levels have factored that in already.

But “if there is additional guidance, or something more accommodative comes out of the meeting, the dominant uptrend in gold would likely start to re-exert itself,” Peter Grant, economist at USAGOLD-Centennial Precious Metals.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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