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MTECHTIPS;-Gold Prices Little Changed as Fed Official Suggests Rates Likely to Rise Soon
MTECHTIPS-Gold prices were little changed on Tuesday even after New York Fed President John Williams (NYSE:WMB) said the Federal Reserve “will be likely raising interest rates somewhat.” Gold futures for December delivery on the Comex division of the New York Mercantile Exchange traded 0.08% lower at $1,224.3 a troy ounce by 1:34 AM ET (06:34 GMT). Speaking at a community event in New York on Monday, Williams said: “We’re going to do what we’ve been doing, as best we can, we’re going to find a - currently we say ‘gradual path’ of getting monetary policy back to more norml levels.” The Fed has raised rates three times this year and is widely expected to hike rates again in December. “Interest rates are still very low,” Williams said. “Our goal here is to keep the economy strong, keep this expansion going as long as possible.” His comments came after Richard Clarida, the Fed’s newly appointed vice chair, expressed caution over the global growth outlook last Friday and said "that's something that is going to be relevant" for the outlook for the U.S. economy
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MTECHTIPS-Gold prices were little changed on Tuesday even after New York Fed President John Williams (NYSE:WMB) said the Federal Reserve “will be likely raising interest rates somewhat.” Gold futures for December delivery on the Comex division of the New York Mercantile Exchange traded 0.08% lower at $1,224.3 a troy ounce by 1:34 AM ET (06:34 GMT). Speaking at a community event in New York on Monday, Williams said: “We’re going to do what we’ve been doing, as best we can, we’re going to find a - currently we say ‘gradual path’ of getting monetary policy back to more norml levels.” The Fed has raised rates three times this year and is widely expected to hike rates again in December. “Interest rates are still very low,” Williams said. “Our goal here is to keep the economy strong, keep this expansion going as long as possible.” His comments came after Richard Clarida, the Fed’s newly appointed vice chair, expressed caution over the global growth outlook last Friday and said "that's something that is going to be relevant" for the outlook for the U.S. economy
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