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Gold Holds onto Gains Ahead of Fed Statement

September 17, 2014 at 2:17 by Vladimir Vyun

Gold was little changed today after rising yesterday. The precious metal was able to rally with help of the dollar’s weakness. The US currency declined as traders started to speculate that the tone of today’s monetary policy statement from the Federal Reserve will not be as hawkish as was thought before. Such talks were negative for the greenback and, consequently, positive for dollar-priced commodities.

China provided additional support for the metal as the nation’s central bank announced its stimulus plan. The Asian nation is the world’s biggest consumer, followed by India. Earlier this week, economic data released from China made economists speculate that the country’s economy will not be able to keep its impressive growth.

December contract for delivery of gold added 0.08 percent to $1,237.70 per troy ounce as of 2:12 GMT on COMEX today. Prices touched the lowest level since January 9 on Monday.

If you have any questions and comments on the commodities today, use the form below to reply.

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