Gold Investors Prep for Fed Cut as Bullion Trades Above $1,500
Friday, 25 October 2019 15:19 WIB | PRECIOUS METALS |SILVER Spot EmasEMASGOLD

Gold headed for a weekly gain and traded above $1,500 an ounce as investors gird for another round of central bank action, with weaker-than-expected data from the U.S. reinforcing expectations that the Federal Reserve will reduce borrowing costs again next week. Silver also rose.

Bullion gained for a fourth day, the longest run in a month, as attention shifted to the Federal Open Market Committee™s Oct. 29-30 gathering, when officials are expected to cut interest rates by a quarter percentage point. Lower borrowing costs increase the appeal of non-interest bearing precious metals.

Spot gold rose as much as 0.2% to $1,506.73 an ounce -- the highest level since Oct. 10 -- and traded at $1,505.50 at 7:48 a.m. in London. Bullion is up 1% this week, and set to post a monthly rise after falling in September. Spot silver added as much as 1.5% to $18.0678 an ounce, the highest in a month.

Source : Bloomberg

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