By Paul Ploumis 15 Sep 2015 Last updated at 03:00:31 GMT
With many traders and investors standing on the sidelines ahead of the US Fed decision, gold prices remained in a tight range on US day session Monday.
(Kitco News) - Gold prices ended the U.S. day session firmer on a quieter Monday in the marketplace. Some light short covering in the futures market and bargain hunting in the cash market were featured. Many traders and investors are standing on the sidelines ahead of this week’s much-anticipated FOMC meeting. December Comex gold was last up $4.40 at $1,107.70 an ounce. December Comex silver was last down $0.145 at $14.36 an ounce.
The focus of the world marketplace this week is the Federal Open Market Committee meeting on Wednesday and Thursday, in which members will discuss monetary policy. A statement and press conference from Fed Chair Janet Yellen are set for Thursday afternoon. There is no consensus among traders and investors on whether the Fed will make an interest rate hike for the first time in several years at this week’s meeting, or wait until December, or later. The U.S. Fed funds futures market presently suggests the Fed will not make a rate hike in September.
Look for quieter markets activity leading up to the FOMC meeting’s conclusion and for more active markets in the immediate aftermath of the FOMC meeting’s results.
Asian stock markets were weaker Monday, as there was more mostly downbeat economic data coming out of China. China’s industrial output in August was up 6.1%, year-on-year, which was better than July’s 6.0% growth, but lower than the consensus forecast of up 6.6% for August. Fixed asset investment in China during January-August was also lower than expected. However, China’s retail sales in August were higher than expected. China’s Shanghai stock index was down 2.7% Monday and Japan’s Nikkei stock index was down 1.6% on the day.
In other news Monday, industrial production in the Euro zone rose 0.6% in July from June and was up 1.9% on the year, which was better than expected.
There was no major U.S. economic data released Monday.
The London P.M. gold fix today was $1,104.80 versus the previous London A.M. fixing of $1,108.00.
Courtesy: Kitco News