Tuesday, 11 December 2012

Gold held steady above $1,710

Posted by Ways2Capital on Tuesday, December 11, 2012 with No comments
Gold steady above $1,710/oz ahead of Fed meeting

Gold held steady above $1,710 an ounce on Tuesday ahead of a U.S. Federal Reserve meeting where policy makers are expected to announce more stimulus measures, seen to support gold's appeal as a hedge against inflation.

FUNDAMENTALS

* Spot gold was little changed at $1,710.70 an ounce by 0030 GMT, after rising to a one-week high of $1,717.20 in the previous session.

* U.S. gold traded nearly flat at $1,713.

* Many economists think the U.S. central bank will announce monthly bond purchases of $45 billion after its policy gathering on December 11-12, signalling it will continue to pump money into the U.S. economy during 2013 in a bid to bring down unemployment.

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