Gold Rises As Fed Might Delay Taper

Gold fluctuated near the highest level in more than three weeks as investors weighed speculation that the Federal Reserve may delay a reduction in stimulus until next year against signs of slowing demand in China.
Bullion for immediate delivery lost 0.2 percent to $1,337.55 an ounce by 1:57 p.m. in Singapore after climbing 0.2 percent. Prices touched $1,344.85 yesterday, the highest since Sept. 30. Gold for December delivery lost 0.4 percent to $1,337.20 an ounce on the Comex in New York.
Gold is set for the first annual drop since 2000 as some investors lost faith in the metal as a store of value and on expectation the Fed will slow its $85 billion monthly bond purchases as the economy improves. U.S. employers added 148,000 workers in September from a revised 193,000 gain in August, the Labor Department said yesterday. The median of forecasts by 93 economists in a Bloomberg survey was an increase of 180,000.

via Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.