Gold unchanged, traders in Fed limbo

Posted on Sep 13, 2012 in Business | 0 comments

Gold prices held even Wednesday on the Comex division of the New York Mercantile Exchange, as traders waited for Thursday’s Federal Reserve announcement.

Traders are in limbo as they wait for Thursday’s Federal Reserve announcement on a possible third round of bond purchases, which would likely dilute the value of the dollar and raise the demand for gold.

The dollar was mostly lower in Asia and in Europe.

The dollar index, which measures the greenback on a pro-rated scale against six major currencies, fell 0.2 percent to 79.73 on the International Exchange.

Gold swung up and down in a narrow range, at one point dropping 0.1 percent or $1.20 before regaining its Tuesday close of 1,734.90 per troy ounce. Silver dropped 23 cents to reach $33.33 per troy ounce.

The euro rose to $1.2896 from Tuesday’s $1.2855. The U.S. dollar rose to 77.88 yen from 77.77 yen.

The U.S. dollar rose to 0.9763 Canadian from 0.9732. The British pound fell to $1.6103 from $1.607.

Copyright 2012 by United Press International