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Gold lost some of its steam yesterday as the dollar firmed up against other world currencies. Yesterday, the dollar continued to move ahead as it rose against the euro, British pound and the Japanese yen. As a result, Gold for December delivery took a tumble. Things are starting to turn around for gold price per ounce as traders begin to anticipate tomorrow’s details stemming from the Federal Reserve’s meeting. The Feds will release details tomorrow via a policy statement pertaining to the amount of intervention that will be implemented. The plan is to purchase billions of dollars in Treasury debt. A resulting consequence is that interest rate will continue to lower and stimulate lending and spending to improve the economy as a whole. The dollar devalues as a result however and precious metal value moves forward. Currently for November 2nd, gold price per ounce is on the rise and heading towards $1360 an ounce prior to the Federal Reserve’s policy statement. This trend is likely to continue through the day. The dollar is easing up against the euro, British pound and Japanese yen. The dollar will weaken further under pressure from uncertainty ahead of the Fed’s statement. Gold for December delivery gained late yesterday settling at $1358 an ounce. Gold and Silver price per ounce will benefit from this uncertainty and should rise through today and into tomorrow ahead of the Fed’s policy statement. Author: Camillo Zucari
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