“The investors they are waiting. They are waiting for the meeting of the Fed and the European Central Bank next week, which are going to be the last key market driver for this year,” said Carlos Alberto De Casa, of Kinesis Money in dialogue with Reuters.
The US central bank’s two-day monetary policy meeting concludes on December 14, and its authorities are expected to announce a 50 basis point hike in interest rates.
Also, the European Central Bank and the Bank of England also to announce rate decisions next week. Some lower rates are often beneficial to the bullionsince they reduce the opportunity cost of having the asset, which does not earn interest.
Also, on December 13 will be published the Consumer Price Index (CPI) for November. The dollar was down 0.1% against a basket of six major currencies, making the gold metal cheaper for holders of other currencies.
In other precious metals, the silver cash traded steady at $23.06 an ounce; the platinum was down 0.2%a $1,003.75; and the palladium was down 0.1% at $1,924.87but was on his way to his second straight advance climb.
Source: Ambito
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