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Gold edges higher ahead of Fed decision


Wednesday, 30 October 2019 20:11 WIB

GOLDEMASSILVER


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Gold futures were clinging to a small gain Wednesday after data showed third-quarter gross domestic product grew at a faster-than-expected pace, while investors awaited the outcome of a Federal Reserve meeting that's expected to deliver the third interest rate cut this year.

Gold for December delivery on Comex rose $2.60, or 0.2%, to trade at $1,493.30 an ounce, while December silver was up 0.9 cent, or 0.1%, at $17.84 an ounce.

The yellow metal trimmed a modest gain after data showed third-quarter U.S. gross domestic product expanded at a 1.9% annual pace, slowing from 2% in the second quarter but coming in above the average forecast by economists for growth of 1.6%.

The Fed concludes a two-day policy meeting Wednesday and is widely, though not universally, expected to deliver a quarter-point interest rate cut, its third of the year. The GDP data, however, reinforces expectations the Fed will seek to cool expectations for additional rate cuts.

Source : MarketWatch


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