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
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Chris Martin Getting Serious With Jennifer Lawrence, Actress Joining Coldplay Tour [PHOTOS]
- 2014 US Open Update (Day 4 - Men's Singles): Murray, Djokovic, Raonic and Isner Advance to 3rd Round [PHOTOS]
Join the Conversation
- Apple iPhone 6 Actual Release Date after September 9 Confirmed 128GB Variant with New Resolution
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- Moto G2 Release Roundup: Specs, Pricing, and Release Date Details
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Nexus 6 on Release Date Confirmed with Phablet-Size Display as FCC Filing Hints of 5.9-Inch Screen
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans