Gold steady as investors await Fed rate signals
GLD•Gold prices were largely steady in a volatile session as investors awaited next week's Federal Reserve meeting and US PCE data. Spot gold was unchanged at $4,138.54 per ounce, while December US gold futures fell 0.1% to $4,157.90.
1. Gold prices steady
Spot gold was unchanged at $4,138.54 per ounce by 11:19 a.m. EDT, while December US gold futures fell 0.1% to $4,157.90. Gold is down around 26.4% from its January record high of $5,594.82 and roughly 22% from levels at the start of the Iran war.
2. Focus on Fed outlook
Investors are watching next week's Federal Reserve meeting and US Personal Consumption Expenditures data for signals on interest rates and inflation. Traders largely expect the Fed to leave rates unchanged at its October 27-28 meeting, while seeing a 92% chance of a hike in December. Bob Haberkorn of StoneX said inflation and Fed rates are the main factors affecting gold, and that $4,000 is an important level to watch.
