Gold prices barely budged yet again Wednesday, locked in a tight range near 5-year lows ahead of next week’s Federal Reserve meeting.
Although plunging commodities prices may give the Fed some pause, analysts think that policy makers will hike rates at the culmination of the December 15-16 meeting.
Feb. gold settled at $1,076.50/oz on Comex, up $1.20, or 0.1%.
This week’s dollar weakness has had little effect other than to put a floor under gold prices.
In economic news, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. wholesale inventories in the month of October.
Wholesale inventories edged down by 0.1 percent in October after rising by a downwardly revised 0.2 percent in September.
The material has been provided by InstaForex Company – www.instaforex.com