Gold falls ahead of Fed meeting, data LONDON (Mar
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LONDON (MarketWatch) — Gold futures edged lower on Tuesday ahead of a meeting of Federal Reserve policy makers, where they will possibly decide to keep their monetary-stimulus efforts intact.
December gold (CNS:GCZ3) dropped $7.70, or 0.6% , to $1,344.50 an ounce.
Futures on Monday fell, settling down by 30 cents an ounce after suddenly swinging lower during the last few minutes of trading on the Comex division of the New York Mercantile Exchange. Earlier in the session the metal rose to a high of $1,362 an ounce.
“From a technical perspective, $1,360 marks an important resistance level which the gold price first has to lastingly overcome if it is to climb any further. Generally speaking, however, the technical picture has brightened of late,” analysts at Commerzbank said in a note on Tuesday.
The Federal Open Market Committee will gather later Tuesday and on Wednesday, and the policy makers are likely to reiterate that they want to see data indicating the world’s largest economy is prepared for a reduction in the central bank’s debt purchases, currently $85 billion a month. Monetary stimulus by the Fed and other central banks worldwide has been considered a benefit to gold prices in recent years, and expectations the Fed would begin to withdraw stimulus has been a key factor in driving gold futures down 20% this year. http://www.marketwatch.com/story/gold-up-mode...2013-10-29
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