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Gold is trading little changed almost flat today after last weeks rebound from recent 3-month lows set on Wednesday last week. A broadly weaker greenback lends some support to bullion today. All eyes are now on the FED's upcoming two-day monetary policy meeting and the rate decision on Wednesday to see if the word "patient" will be dropped and if the U.S. economy has gained enough momentum. Investors hope that the minutes will provide further insight into when the Central Bank is going to hike rates that have been near zero since 2008. Yesterday's U.S. data came in weaker-than-expected leading investors to reconsider estimates on the timing of the FED's next move.
A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as gold is dollar-denominated and not yield-bearing.
Gold is currently quoted at USD1,153.70, -0,05% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Wednesday last week gold traded as low as USD1,147.30, a three-month low.
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