The gold price remains broadly unchanged during Asian trading and is expected to remain quiet as investors wait for the FOMC’s latest interest rate decision on Thursday.
The Fed has not raised interest rates in nearly a decade and many traders now believe the Fed will once again delay a rate rise. Normally a rate hike would be bullish for the U.S. dollar and negative for gold, however, we are not living in a normal economic environment.
Overnight Chinese shares fell 3.52% following the release of poor industrial production data. The FTSE 100 has followed suit and is currently down 0.9% and could potentially fall below 6,000 points.
Gold is currently trading at £716.40 per ounce, silver £9.29 per ounce, platinum £616.74 per ounce and palladium £378.11 per ounce.