Gold price drifts lower ahead of the Fed’s decision
The markets are in waiting mode today ahead of the Fed’s decision later today. Although the gold price seems to already have made up its mind and that Ben Bernanke will disappoint.
In terms of Euros the gold price closed out the month yesterday at its second highest level it has ever managed to close at
Gold €:
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In terms of dollar gold the price is still holding above the $1600 level but has pulled back form yesterday’s highs of $1625.
Gold $:
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In terms of sterling gold the price seems to be holding up better and is still hovering around the £1030 level.
Gold £:
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It seems that the most likely thing thing that the Fed will do is increase it’s ‘exceptionally low’ interest rate guidance out to 2015 – but that really isn’t going to wash with the market who, in their money printing addicted ways, are clamoring for a lot more – we’ll have to wait until 18:15 tonight to find out just by how much the market will be disappointed.
Related posts:
- Gold price falls back to $1600 ahead of Federal Reserve decision
- Gold price drifts lower on the week as Spanish 10 year bonds get back above 7%
- Gold price drifts lower only to ‘pop’ back towards $1650 as the bull/bear attrition battle rages on
- Gold price drifting lower in $ terms – still up on the day in terms of £s
- As the gold price takes another leg lower it’s ‘bigger picture’ time once again
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-drifts-lower-ahead-of-the-feds-decision-7514/
Posted by Thomas Paterson on Aug 1 2012. Filed under Gold News.
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