Gold prices were flat Wednesday morning after a Federal Reserve official signalled reluctance to raise interest four times in 2016.
The central bank forecast in December called for that many rate hikes, but plunging stocks and concerns about the global economy may give the Fed reason to pause.
Boston Fed President Eric Rosengren said further interest rate increases are likely to be gradual, as inflation is still well below Fed’s 2% target.
US gold was down 2 dollars at $1084 an ounce, having topped out just above $1100 last week.
At 2 pm ET, the Federal Reserve is due to release its Beige Book report, which consists of anecdotal evidence of economic evidence from the 12 Federal Reserve districts.
The material has been provided by InstaForex Company – www.instaforex.com