Gold futures remained locked in a tight range Tuesday, with traders refusing to make bets ahead of tomorrow’s Federal Reserve interest rate vote.
The Fed convened its meeting today, with a public announcement on its rate decision scheduled for Wednesday at 2 pm ET.
Markets expect the Fed to raise interest rates for the first time in a decade, but signal they will hold off on further rate hikes until at least March.
February gold settled at $1,061.60/oz on Comex, down $1.80, or 0.2%, not far from a recent 6-year low below $1050.
On the economic front, the Labor Department reported that consumer prices were flat in the month of November.
The Labor Department said its consumer price index was unchanged in November after rising by 0.2 percent in October. The flat reading matched economist estimates.
The material has been provided by InstaForex Company – www.instaforex.com