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Gold strengthened in anticipation of the Fed meeting outcome

14/12/2016 13:29

On Wednesday, gold prices rose, while the dollar remains stable, as investors awaited the outcome of today's regular meeting of the Federal Reserve System.

As of 09:44 GMT Gold is trading at $ 1163.05 per troy ounce, up 0.36%, being above Monday's low at $ 1153.00, the lowest level since February 4.

USD Index, which tracks the greenback against a trade-weighted basket of six major rivals, is stable at 101.05, virtually unchanged today.

The markets do not doubt that the Fed will raise rates for the first time this year, after a meeting on Wednesday. In accordance with the {{FRL | outlook for Fed rate by}}, is now on the federal funds futures assess the likelihood of a rate hike at the meeting of the US central bank on 13-14 December in 100%.

Investors will focus on the details of the updated economic forecasts from the US Central Bank, the first after the presidential elections in the country, in search of guidance on the expected rate of increase in interest rates in the future.

A strong US dollar and high interest rates put pressure on gold, because they reduce the metal's appeal as an alternative asset and the increase in the price of dollar-denominated commodities for holders of other currencies.

Meanwhile, Comex silver futures are trading at $ 17.11 per troy ounce, after falling more than 1% in the previous session, while copper futures are at $ 2.60 per pound.

Palladium is stable at $ 730.4 per ounce, while platinum is trading at $ 939.25.

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