Gold slips as investors await Fed rate signals
GLD•Spot gold fell 0.1% to $4,118.64 per ounce, while December U.S. gold futures dropped 0.1% to $4,137.60 as investors awaited signals from the Federal Reserve.
1. Gold eases ahead of Fed
Spot gold was down 0.1% at $4,118.64 per ounce by 0018 GMT, and December U.S. gold futures fell 0.1% to $4,137.60. Investors were watching the Fed’s October 27-28 meeting and next week’s personal consumption expenditures data for signals on U.S. interest rates.
2. Rate expectations and metals
Traders were pricing in an 84% chance the Fed would leave rates unchanged next week and a 90% chance of a December hike, according to CME’s FedWatch Tool. Higher rates typically weigh on gold because bullion does not pay interest. Silver was steady at $57.95 per ounce, platinum rose 0.5% to $1,656.10, and palladium was little changed at $1,102.13.
