Gold Steady Ahead of Fed; Stimulus Outlook in Focus
January 28, 2014 3:13 PM EST
* Spot gold had risen 0.03 percent to $1,256.79 an ounce by 0013 GMT, after dropping 1 percent on Monday and retreating sharply from a two-month high.
* The U.S. central bank begins its two-day policy meeting on Tuesday, with a statement expected on Wednesday.
* An improving economy prompted the Fed to cut its bond-buying stimulus by $10 billion last month, and the bank is widely expected to reduce by the same amount at this week's gathering.
* The lifting of the stimulus measures would dim gold's appeal as an inflation-hedge.
* China's 2013 gold imports from Hong Kong more than doubled from the previous year to reach a record of more than 1,000 tonnes as a sharp fall in prices led to unprecedented demand.
* Platinum rose as government-brokered talks between South Africa's AMCU union and the world's top three platinum producers ended on Monday with no breakthrough in efforts to end a strike that has hit half of global output of the precious metal.
* Asian shares were pinned near five-month lows on Tuesday as turmoil in emerging markets and concerns about an economic slowdown in China took their toll.
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- Lunch with the Gods: Pope Francis Eats with Vatican Workers in Cafeteria
Join the Conversation
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- ANZ Seeks Role in Pilot Global Gold Trading Platform in Shanghai
- US California Couple Sells 1,400 Rare Gold Coins Found in Backyard, Now Millionaires
- Manchester United Transfer News: Wilfried Zaha Might Stay After Impressing Van Gaal Against Inter [VIDEO]
- Grimm Season 4 Spoilers: Comic-Con Answers Served, Nick 'Un-Grimmed' Affects His Wesen Friends' Honeymoon
- Transfer News: Ron Vlaar to Consider Villa Exit, May Move to Tottenham
- AS Roma's Seydou Keita Throws Water Bottle at Real Madrid defender Pepe for Spitting [VIDEO]
- The Mentalist Season 7 Spoilers: CBS Skips Simon Baker's Patrick Jane in Fall Schedule, Josie Loren Joins Cast