Gold price slips as traders weigh outlook for Fed interest rate cuts
Bullion traded near $2,626 an ounce in thin trading after closing 1.1% higher on Friday.
Economic jitters continue to drive gold higher, which hit $1,782.50/oz on Tuesday.
Stock markets bounced back after yesterday’s gut wrenching fall. The S&P/TSX Composite index was up nearly 3% from yesterday. The S&P/ASX 200 did not perform as strongly at 1.22%, making most of its gains later in the day.
The oil and gas sector, which suffered some of the worst losses on Monday, rebounded strongly. The Dow Jones U.S. Oil & Gas Index was up 3%.
In news that might move markets, the Federal Reserve is meeting Tuesday morning and will release a statement in the afternoon. Analysts are looking to see if the Fed will be launching any new initiatives that will support the economy.
