Media ININ Economy We Trust
Media In 19-12-2018
Gold prices rose Wednesday to a five-month high as the metal supported the dollar’s decline as investors awaited signs of a rate hike at the end of the Federal Reserve meeting.
The spot price of gold was up 0.1 percent at $ 1,250.56 an ounce, after hitting its highest since July 11 at $ 1251.35 earlier in the session.
US crude futures rose 0.1 percent to $ 1254.40 an ounce.
“The market is very much waiting with everyone focused on the FOMC meeting,” said Benjamin Lo, commodities commodities analyst at Philip Futures in Singapore. “We very much expect prices to remain within a tight range.
“The market has taken the fourth increase in the price calculation but what remains important is the 2019 forecast.”
The Fed is widely expected to raise interest rates for the fourth time this year, but weak equity markets and slowing global growth may cause it to soften monetary tightening.
