Gold eases on steadier dollar; focus on timing of Fed rate move
Reuters - Jan 28, 2015
Gold eased on Wednesday as the dollar steadied on expectations the Federal Reserve will deliver no significant changes later in the day to its policy outlook, though global economic concerns might push back the timing of a rate rise.
The Federal Open Market Committee (FOMC) is scheduled to release a statement at the end of a two-day meeting, and policymakers are likely to restate their "patient" approach to raising rates. A dovish bias could support gold, a non-interest-bearing asset.
"The market has more or less priced in a rate hike this year so that is status quo and if the Fed statement surprises ...more on the dovish side and rate hike expectations are pushed back into the future, then gold could find some more support," Commerzbank analyst Carsten Fritsch said.
