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Gold futures bounce off two-week low ahead of Fed meeting

Published 10/28/2014, 04:13 AM
Updated 10/28/2014, 04:13 AM
Gold pulls away from two-week low ahead of Fed meeting

Gold pulls away from two-week low ahead of Fed meeting

Investing.com - Gold prices recovered from two-week lows hit earlier in the session on Tuesday, as investors awaited the start of a highly anticipated Federal Reserve meeting later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,230.20 a troy ounce during European morning hours, up 90 cents, or 0.07%.

Prices fell to a session low of $1,222.40 earlier, the weakest level since October 15.

Futures were likely to find support at $1,222.00, the low from October 15, and resistance at $1,255.60, the high from October 21.

Also on the Comex, silver futures for December delivery tacked on 10.6 cents, or 0.62%, to trade at $17.26 a troy ounce.

Market players are looking ahead to the start of the Federal Reserve's two-day policy meeting later in the day, at which it is expected to announce the end of its quantitative easing program.

Investors will be scrutinizing the Fed statement for wording that reflects expectations that interest rates could go higher sooner than expected.

Data on Monday showed U.S. services sector activity in October slowed to a six-month low, while pending home sales in September rose less than expected, dampening optimism over the strength of the economy.

The dollar index, which tracks the performance of the greenback against a basket of six major rivals, was steady at 85.56.

Elsewhere in metals trading, copper for December delivery inched up 0.4 cents, or 0.14%, to trade at $3.068 a pound.

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