Can gold hold the $4,000 line until the US Federal Reserve speaks? On Tuesday morning, 27 October, spot gold changed hands at about $4,003.60 an ounce, down 0.3%. It had dropped to $3,975 on Friday 23 October and closed last week roughly 4% lower, its biggest weekly loss since June. Since Monday the metal has stayed in a tight band of about $3,976 to $4,020.<\/p>\n
What are traders expecting from the Fed? Its policy meeting runs on 27 and 28 October, with the decision due on Wednesday at 18:00 GMT (21:00 Makkah time) and a press conference by Chair Kevin Warsh half an hour later. Market pricing reported by Reuters gives only about an 11% chance of a rate rise this week from the current 3.75% to 4% range, but about 82% for a rise in December. Because gold pays no interest, higher rates usually make it less attractive to hold.<\/p>\n
What does a gram cost in the Kingdom? Morning updates published by Al Ain News put 24-karat gold at about SAR 483 a gram, 21-karat at about SAR 423 and 18-karat at about SAR 362. These are guide prices before any workmanship charge.<\/p>\n","protected":false},"excerpt":{"rendered":"
Can gold hold the $4,000 line until the US Federal Reserve speaks? On Tuesday morning, 27 October, spot gold changed hands at about $4,003.60 an ounce, down 0.3%. It had dropped to $3,975 on Friday 23 October and closed last week roughly 4% lower, its biggest weekly loss since June. Since Monday the metal has stayed in a tight band of about $3,976 to $4,020. What are traders expecting from the Fed? Its policy meeting runs on 27 and 28 October, with the decision due on Wednesday at 18:00 GMT (21:00 Makkah time) and a press conference by Chair Kevin<\/p>\n","protected":false},"author":1,"featured_media":61151,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12852],"tags":[],"class_list":["post-61150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-finance"],"yoast_head":"\n