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Gold prices have stabilized today, as market participants await the announcement of the outcome of the meeting of the U.S. Federal Reserve, which will give an idea about the possible timing recovery rates.
Most economists forecast that the Central Bank will continue to minimize the quantitative easing program, reducing its volume by $ 10 billion - $ 35 billion
In addition, the Fed will publish an updated forecast of indicators such as unemployment, inflation and GDP growth. Will also be published updated forecast regarding the interest rate on the federal credit. In March, leaders of the American Central Bank expected to increase this rate to 1% by the end of next year and 2.25% by the end of 2016. High rates of inflation in the United States on Tuesday raised expectations that the Fed chief Janet Yellen may prove more decisive attitude, and will signal an earlier-than-expected rise in interest rates.
"There are no surprises from the Fed's June meeting will be a shock to the market - said managing director Charles Schwab Fredrik Randy. - The chances of an increase in rates in the environment are almost zero, and yaw to reduce QE will also be a big surprise."
Little impact on the bidding had U.S. data that showed the current account deficit deteriorated more than expected to expand to $ 111.16 billion in the 1st quarter from $ 87.3 billion in Q4. Surplus of primary income declined in the last quarter. Because of the sluggish pace of economic activity during the winter of the current account deficit as a percentage of nominal GDP rose to 2.6% from 2.0%. The increase was in contrast to the improvement of the external position of the U.S., which is still recovering.
Meanwhile, markets track events in Iraq, where the conflict between radical Sunni insurgents and Shiite Iraqi soldiers. According to media reports, the largest oil refinery in Iraq was attacked by Sunni militants on Wednesday.
Also today it was announced that the world's largest reserves secured gold exchange-traded fund SPDR Gold Trust on Tuesday fell for a second day, 0.26 tons to 782.62 tons. On Monday, the outflow of funds was the highest since mid-April.
Margins in India, the second-largest in the world gold imports, fell to a minimum of four months from the end of the wedding season.
The cost of the August gold futures on the COMEX today dropped to $ 1270.8 per ounce.
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