Gold was hovering near five-week highs on Monday as traders bet the U.S. Federal Reserve would stick with its bullion-friendly stimulus measures at a policy meeting later this week. Spot gold had eased 0.3 percent to $1,348.44 an ounce by 0010 GMT, after posting a near 3-percent gain the week before. Fed officials are unlikely to make any shift in monetary policy this week and will continue to buy back bonds at an $85 billion monthly rate as they wait for more evidence of how badly Washingtons budget battle has hurt the U.S. economy. -Reuters
Posted on: Mon, 28 Oct 2013 03:06:34 +0000
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