Gold prices steady

The Herald (Zimbabwe) - - Business -

BEN­GALURU. - Gold prices were steady in early Asian trade yes­ter­day, while the dol­lar edged higher and in­vestors turned their at­ten­tion to this week’s Fed­eral Re­serve meet­ing for clues on fu­ture in­ter­est rate hikes.

Spot gold was flat at $1,225.61 per ounce at 0115 GMT.

US gold fu­tures was down 0,2 per­cent to $1,226.6 per ounce.

Asian stocks rose yes­ter­day as in­vestors, re­lieved to have moved past the US midterm elec­tions with­out any ma­jor po­lit­i­cal sur­prises, drove a Wall Street rally, while the dol­lar clawed back some of its ear­lier losses.

The dol­lar in­dex, which mea­sures the green­back against a bas­ket of six ma­jor cur­ren­cies, inched up 0,2 per­cent.

The US Fed­eral Re­serve be­gan its pol­icy meet­ing on Wed­nes­day fac­ing a shift­ing po­lit­i­cal land­scape but lit­tle in re­cent eco­nomic data to al­ter plans for an in­ter­est rate in­crease in De­cem­ber and more to come next year.

The Fed’s pol­icy state­ment is sched­uled to be re­leased at 2 pm (1900 GMT) yes­ter­day, and an­a­lysts do not fore­see ma­jor changes.

The top Demo­crat in the US House of Rep­re­sen­ta­tives pledged a new era of con­gres­sional scru­tiny over Pres­i­dent Don­ald Trump on Wed­nes­day, shrug­ging off White House threats of po­lit­i­cal war­fare if Democrats launch in­ves­ti­ga­tions into his af­fairs.

Trump on Wed­nes­day forced out At­tor­ney Gen­eral Jeff Ses­sions a day af­ter con­gres­sional elec­tions, and vowed to fight if the US House of Rep­re­sen­ta­tives’ new Demo­cratic ma­jor­ity launches probes into his ad­min­is­tra­tion. - Reuters.

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