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Precious Metals Wait for Fed

October 27, 2015 at 23:23 by Vladimir Vyun

Gold and other precious metals were little changed today as traders were reluctant to risk ahead of the Federal Reserve policy decision. The Fed has started its meeting today and will conclude it tomorrow. No changes to the policy are expected, but traders will closely watch the language of the central bank’s statement. Hints of an early interest rate hike would likely drive metals lower while signs of a delayed rate lift-off should help the metals market.

Over the longer term, the policy outlook is negative for the market as the Fed is likely to start monetary tightening sooner or later. On the positive side, signs of increasing physical demand may support prices.

December contract for gold ticked up 0.11 percent to $1,167.10 per troy ounce as of 23:18 GMT on COMEX today. Futures for silver were up 0.08 percent to $15.88 per ounce. Spot price for platinum was barely changed at $987.60 per ounce while palladium advanced 0.21 percent to $678.05 per ounce.

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

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