Gold inches down as Fed's statement looms

08:53, August 10, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange trimmed earlier gains and edged down on Monday, after U.S equity markets inched higher and U. S dollars regained some lost ground, as investors eyed the Federal Reserve's decision on Tuesday, and remained cautious. Silver and platinum both retreated.

The most active gold contract for December delivery dipped 2.7 dollars, or 0.2 percent, to finish at 1,202.6 U.S. dollars.

U.S stocks markets moved up moderately Monday on investor's speculations that Fed would further step up its stimulus of the U. S economy, and ease monetary policy on Tuesday after downbeat payrolls data released last week worsened investors' concern over U.S economic prospects.

Meanwhile, European Central Bank's decision last week to keep interest rates unchanged, has lent strength to the dollar, and helped it rebound moderately against the euro during the session.

The stronger dollar and the rally in stocks markets has helped nudge investors into profit taking in gold markets, after gold kept moving up for 8 straight sessions. Gold surged during the electronic session and touched 1212.1 dollars per ounce, but lost steams as the day session began, gold gradually pared all earlier gains prior to the close, and ended lower.

September silver dropped 23.0 cents, or 1.2 percent, to settle at 18.242 dollars per ounce, October platinum dipped 27.9 dollars, or 1.8 percent, to settle at 1542.9 dollars per ounce.



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