The dollar was stuck in a two-week low rut as of end of trading last night (Tuesday) but gold was holding strong after a good week which saw it gain $27 in 24 hours last Tuesday thanks to swirling political and economic issues.
Today (Wednesday) the final report of the year from the Federal Reserve is due – it’s unlikely that a further rate cut will be announced but President Trump tweeted earlier this week that interest rates are still too high and need to be lowered further. This is in direct opposition to what the Fed said after the previous rate cut, so the outcome of today’s decision making will be interesting.
Investors and markets still have plenty to think about with the US-China trade war cease fire still not signed, more unrest in Hong Kong following a university siege, pending election in the UK and a slowdown in consumer spending on both sides of the Atlantic. All of this of course favours gold, both in terms of buying now and as a safe haven investment.
Stay tuned for the outcome of the interest rate announcement.
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