Morning Snapshot: Gold easier within Friday’s range

31-Oct (USAGOLD) — Gold is consolidating within Friday’s range. The yellow metal is slightly lower within that range with focus squarely on next week’s elections. This week’s FOMC meeting is a slight distraction, as they are unlikely to do anything ahead of said election, although they do have the market buy-in for a December rate hike that they’ve been seeking.

With regard to a rate hike, the Fed is still facing an inflation problem . . . or lack there of. The PCE chain price index — their favored measure of inflation — rose 0.2% in September, in line with expectations. That leaves the annual rate of inflation at 1.2%, well shy of the Fed’s 2.0% target.