SINGAPORE, Jan 28 (Reuters): Gold hovered in a tight range near $1,290 an ounce on Wednesday as the focus turned to whether a weaker global economy might push back the timing of an interest rate rise expected this year from the U.S. Federal Reserve.
The Federal Open Market Committee is scheduled to release a statement at the end of a two-day policy meeting later on Wednesday and a dovish bias could support gold, a non-interest-bearing asset.
"Our view is that the central bank will likely pay greater attention to the slowing global macro picture and reinforce its 'go-slow' approach on interest rates," INTL FCStone analyst Edward Meir said in a note to clients.
Spot gold was off 0.3 per cent at $1,288.90 an ounce by 0717 GMT, after trading between $1,286.95 and $1,293.80. Bullion hit a five-month high of $1,306.20 last week.
Gold holds ground
FE Team | Published: January 29, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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