Gold futures fell as investors assessed the outlook for U.S. interest rates before the Federal Reserve completes a two-day meeting.
The Fed will stay focused on raising rates about mid-year, according to a narrow majority of economists surveyed by Bloomberg. Higher rates curb gold’s appeal because it offers returns only through price gains.
“Traders could be taking positions before the Fed’s rate decision,” Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. “You’re seeing gold pull back before that news.”
Gold futures for April delivery slid 0.4 percent to $1,287.40 an ounce at 9:33 a.m. on the Comex in New York, heading for the third decline in four sessions. Trading was 88 percent higher than the 100-day average for this time, according to data compiled by Bloomberg.
via Bloomberg
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