Gold trades mixed in Asia

(Reuters) – Gold edged lower on Monday as the dollar held firm on news that China has cancelled trade talks with the United States, with the market also eyeing this week’s U.S. Federal Reserve meeting for guidance on future rate hikes.

Investors are awaiting this week’s Federal Reserve meeting, where the U.S. central bank is widely expected to raise benchmark interest rates and shed light on the path for future rate hikes.

“Gold traditionally trades poorly ahead of anticipated Fed hike and the dollar will have up ground,” said Stephen Innes, APAC trading head at OANDA.

Meanwhile, speculators increased their net short position in COMEX gold contracts in the week to Sept. 18, U.S. data showed on Friday.

 

Reuters

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes