Gold Steady as Market Braces For Fed Decision

29-Jul (Wall Street Journal) — Gold prices were stable on the London spot market Wednesday, as the market braced for the latest U.S. decision on interest rates.

The London spot gold price was practically flat at $1,095.70 a troy ounce in morning European trade, according to FactSet. Spot silver was also steady at $14.6400 an ounce.

The bullion market is focused on Wednesday’s release of the latest monetary policy statement from the U.S. Federal Open Market Committee. Any signs that the Fed may move as soon as September would likely lead to gains for the U.S. dollar, and losses for gold prices.

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PG View: I suspect there’s not much reason at this point to indicate any change in guidance, but it seems that a minimal rate hike this year is already priced into both the dollar and gold.