Gold Trades Steady as Markets Wait for FOMC

Gold prices continue to trade steady as markets wait to hear from the Fed on its latest interest rate decision, scheduled to come out later

Written by: Arslan Butt • Wednesday, January 29, 2020 • 1 min read

• Last updated: Wednesday, January 29, 2020

Gold Trades Steady as Markets Wait for FOMC

Gold prices continue to trade steady as markets wait to hear from the Fed on its latest interest rate decision, scheduled to come out later today. At the time of writing, GOLD is trading at a little above $1,564.

Gold prices have had a bullish run lately over rising concerns about the potential economic impact of the coronavirus outbreak across China and other countries around the world. So far, there have been over 5,900 cases confirmed in China alone while the number of dead have increased to 132.

Gold is trading cautious ahead of the Fed policy decision as markets wait to gain information on how the US economy is likely to hold up in 2020. Meanwhile, a recent Reuters poll revealed that gold prices are expected to remain above the $1,500 level through 2020 and even see some modest gains next year over continued low interest rates and possible geopolitical tensions.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.