Gold futures drifted ahead of the Federal Reserve's decision on interest rates

BY

Gold futures drifted lower Tuesday as traders marked time ahead of the Federal Reserve's decision on interest rates expected at 02:15 a.m. Beijing Time.

The front-month crude contract came close to its all-time high, reigniting inflation fears and boosting demand for gold.

The action in the metals pits is expected to be subdued in today's session as traders wait to see if the Federal Reserve will take a pause in its interest-rate raising cycle, as the majority of economists are expecting.

P.S.  Latest Crude Oil Price - 77.100 @ 23:38 Beijing Time.

Record High on 14 July = 78.400

[ Last edited by BY on 2006-8-9 at 01:26 AM ]