Gold Silver Reports (GSR) Spot gold was up 0.26 percent at $1,249.11 per ounce at 1:50 p.m., having earlier touched its highest level since Dec. 10 at $1,250.27, just short of a five-month peak of $1,250.55 hit last week.
Global Economic
Fed is Expected to Raise Interest Rates Wednesday
The Fed is expected to raise interest rates Wednesday by a quarter point, and the pressure is on for Fed Chairman Jerome Powell to sound dovish — but not too dovish. Fed officials are also expected to revisit their fed funds rate forecasts and roll back some of the rate hikes expected in the next several years.
G20 Meeting Could Trigger Rebound in Commodities Prices: Goldman
Gold Silver Reports (GSR) – “Given the size of dislocations in commodity pricing relative to fundamentals, with oil now having joined metals in pricing below cost support, we believe commodities offer an extremely attractive entry point for longs in oil, gold and base (metals),” the bank said in a note.
Gold Up on Concerns over growth; focus on Fed, G20
“People are moving some capital into gold at this time, given the uncertainties around the pace of rate hikes by the U.S. Federal Reserve, the U.S.-China trade war,” said Brian Lan, managing director at Singapore dealer GoldSilver Central.
JP Morgan economists said the Economy Should Grow at a Slower Pace of 1.9 Percent From the Fourth Quarter’s Year over Year Rate of 3.1 Percent
The economist say the slow down from a “boomy” 3.1 percent in year-over-year fourth quarter growth will come as fiscal, monetary and trade policy get less supportive or more restrictive.