Gold down to 1243 on U.S. Stimulus Prospects

Gold was trading near its lowest in a week on Wednesday, after sharp overnight losses, on speculation about further cuts to the U.S. Federal Reserve’s stimulus measures and an improving outlook for the global economy.

Spot gold was little changed at $1,242.19 an ounce by 0018 GMT, after falling nearly 1 percent on Tuesday on fears that Fed will announce a second cut to its bond purchases in its policy meeting next week.

The International Monetary Fund raised its global growth forecast for the first time in nearly two years, saying fading economic headwinds should permit advanced nations to pick up the mantle of growth from emerging markets.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.