Gold Sees Subdued Action Ahead Of US Fed

Published on Nov 03, 2021 15:27

COMEX Gold futures hovered just above $1780 per ounce amid a choppy session after falling yesterday. The focus has completely shifted on the US Fed today as investors looked to the expected winding down of pandemic-era monetary stimulus in the world`s largest economy. The Federal Reserve is expected to announce the tapering of its $120 billion-a-month asset purchase programme in its policy statement later tonight. Gold will likely come under pressure following such an action though an acceleration in Chinese Covid-19 outbreak in last few days will probably keep the safe haven demand supported for the counter. The yellow metal currently trades down 0.34% at $1782 per ounce.