Gold edges up in volatile Asian trade
Wednesday, 3 November 2010
SINGAPORE, Nov 2 (Commodity Online): Gold climbed back from overnight losses in Asian trade Tuesday but remained highly volatile ahead of Fed policy meeting.
Gold for immediate delivery was seen trading at $1354.11 an ounce at 12.30 pm Singapore time while US gold futures for December delivery was at $1,354 on the Comex division of Nymex.
Analysts said the precious yellow metal is likely to remain highly volatile during the day as investors were reluctant to make big bets ahead of the US Federal Reserve's policy meeting, which could determine the fate of the dollar.
The Fed is expected to commit to buying between $250 billion and $2 trillion in Treasury debt over coming months to spur a flagging economy when it announces a second round of monetary easing Wednesday.
Palladium for immediate delivery dropped as much as 0.5 per cent to $647.75 an ounce, while platinum was little changed at $1,708 an ounce.
Silver was steady but off a 30-year peak hit Monday, while palladium slipped from a 9-year high. Platinum was off a four-week high seen Monday.
Gold for immediate delivery was seen trading at $1354.11 an ounce at 12.30 pm Singapore time while US gold futures for December delivery was at $1,354 on the Comex division of Nymex.
Analysts said the precious yellow metal is likely to remain highly volatile during the day as investors were reluctant to make big bets ahead of the US Federal Reserve's policy meeting, which could determine the fate of the dollar.
The Fed is expected to commit to buying between $250 billion and $2 trillion in Treasury debt over coming months to spur a flagging economy when it announces a second round of monetary easing Wednesday.
Palladium for immediate delivery dropped as much as 0.5 per cent to $647.75 an ounce, while platinum was little changed at $1,708 an ounce.
Silver was steady but off a 30-year peak hit Monday, while palladium slipped from a 9-year high. Platinum was off a four-week high seen Monday.