Gold holds above $4,302 ahead of expected 25bp Fed hike
Business
Gold is holding above $4,302 right now, with everyone eyeing the US Federal Reserve's latest meeting.
Most expect a small rate hike (25 basis points), but traders are really watching for clues about what the Fed plans to do next.
Fed action could swing gold $4,250-$4,500
If the Fed sticks to a rate hike and sounds tough, gold prices might dip toward $4,250-$4,300.
But if they surprise everyone with a rate cut, gold could shoot up initially to the $4,400-$4,500 zone.
Even just keeping rates unchanged might give prices a quick boost.
Analysts say Fed guidance shapes gold
Analysts say it's not just about this one decision: how the Fed talks about its future plans (and past moves like July's rate hold) will shape where gold goes from here.
So if you're tracking gold or thinking of investing, this is definitely one to watch.