Gold Flat on Fed Week But Sentiment Remains Bullish at IPMI Conference

Although gold prices have cooled off after hitting recent highs, trading flat on Fed week, some experts remain ‘modestly bullish’ on the metal. Speaking with Kitco News from the International Precious Metals Institute’s annual conference, RBC’s George Gero and Kitco’s Peter Hug said $1,300 gold seems plausible under the current economic and political environment. ‘$1,300 gold is very much on the table, especially after options expiration later this month,’ Gero said on Monday. However, Hug said he would expect a more gradual move higher for the yellow metal. ‘I want to see a lot more technical momentum, you’re going to see a staged rally not a shoot up in gold, depending on the news bites we get.’ Gold prices traded relatively flat ahead of the big Federal Reserve meeting, which starts Tuesday. Markets are pricing in a nearly 100% chance of the central bank announcing a rate hike on Wednesday, which is considered a headwind for the yellow metal. August Comex gold futures last traded at $1,267.80 an ounce, down 0.28% on the day. (show less)

Although gold prices have cooled off after hitting recent highs, trading flat on Fed week, some experts remain ‘modestly bullish’ on the metal. Speaking with Kitco News from the International Precious Metals Institute’s annual conference, RBC’s George Gero and Kitco’s Peter Hug said $1,300 gold seems plausible under the current economic and political environment. ‘$1,300 gold is very much on the table, especially after options expiration later this month,’ Gero said ... (read more)

 
 
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