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Metals Ahead of Fed Decision: Gold Drops, Copper Gains

January 28, 2015 at 15:47 by Vladimir Vyun

Trading is somewhat quiet today as market participants brace themselves for the monetary policy decision of the Federal Reserve. The Fed concludes its two-day policy meeting and will announce results later today. While the general consensus is that the US central bank is going to start raising interest rates in the middle of the year, there may be some surprises in today’s policy statement. The financial environment changed since the Fed’s latest gathering as the European Central Bank introduced additional stimulating measures, while the Swiss National Bank surprised everyone by dropping the cap on the Swiss franc.

With all the uncertainty, metals performed differently during the current trading session. Gold prices dropped while futures for copper rallied. It is a bit unusual as precious metals tend to strengthen during times of uncertainty. Still, everything can change after the Fed will announce its decision.

April futures for delivery of gold declined 0.31 percent to $1,287.70 per troy ounce as of 15:43 GMT on COMEX today. Meanwhile, March futures for copper advanced 0.65 percent to $2.4785 per pound.

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

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