Gold Rises Ahead of the FOMC



Gold prices are trading solidly higher and near the session highs in late-morning dealings Wednesday. Short covering and position evening in the futures market, and bargain hunting in the cash market, are featured ahead of this afternoon’s FOMC statement and press conference from Fed Chair Janet Yellen. Many gold traders are reckoning the gold market will exhibit a “sell the rumor, buy the fact” scenario regarding the likely Fed rate increase this afternoon, and want to get a jump on that possible scenario. February Comex gold was last up $13.00 an ounce at $1,074.50.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza