MW: Gold backs off record, still tallies further gains
By MarketWatch
NEW YORK (MarketWatch) — Gold futures traded mildly higher Wednesday after zig-zagging to another record high earlier.
“Expectations of further Fed easing have weighed on the dollar tone and in turn lifted gold,” said analysts at Action Economics.
“However, with the dollar already pricing in a Fed move and with third-quarter earnings not expected to be particularly good there are some calls for corrective action ahead,” the analysts added.
Expectations that the Federal Reserve would resort to further easing also brought selling pressure to bear on the U.S. dollar Wednesday. See article on dollar’s pullback against most major global currencies.
Gold for December delivery had risen as high as $1,314.80 an ounce in electronic trading on the New York Mercantile Exchange, but lately the contract was up $1.30 at $1,309.60.
