Morning Snapshot: Gold jumps $10 as FOMC meeting commences

01-Nov (USAGOLD) — Gold jumped to a new 4-week high as the FOMC kicks off its 2-day meeting. The yellow metal is trading more than $10 higher, underpinned by a weaker dollar.

Both the RBA and the BoJ held steady on monetary policy today, and while not a surprise, both central banks cited concern about the persistent lack of inflation. As I noted in yesterday’s DMR, the Fed faces the same problem, which may temper December rate hike expectations.