Gold Holding Steady Above $800

Source:

“Prices are likely to remain in consolidation mode ahead of the Fed rate decision. However, investor sentiment remains positive towards the metal and should support prices in the forthcoming sessions,” said Suki Cooper, precious metals analyst at Barclays Capital.

Gold slipped but held above $800 (U.S.) an ounce in cautious trade on Tuesday, as investors avoided taking big positions ahead of an expected rate cut by the U.S. Federal Reserve later in the day.

Gold has bounced almost 4 per cent since falling to $777 on Dec. 3, its lowest since Nov. 20, as investors and speculators booked profits ahead of the year-end after pushing up the price to its highest since January, 1980, at $845.40 in early November...

“Prices are likely to remain in consolidation mode ahead of the Fed rate decision. However, investor sentiment remains positive towards the metal and should support prices in the forthcoming sessions,” said Suki Cooper, precious metals analyst at Barclays Capital.

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