By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Gold futures rebounded in electronic trading Wednesday as investors waited for the outcome of the Federal Reserve policy meeting later in the day.
Gold for August delivery GCQ2 +0.29% added $2.70, or 0.2%, to $1,617.30 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
The metal slipped in Tuesday’s North American session as investors began to worry about likely stimulus efforts by central banks in the U.S. and Europe this week.
The U.S. Federal Reserve was anticipated to announce some easing measures at the conclusion of a two-day policy meeting later Wednesday, but analysts expect the central bank will hold off on more aggressive steps such as asset purchases. Read more on Fed expectations.
The European Central Bank holds a policy meeting on Thursday, as does the Bank of England.
Monetary stimulus tends to create upside for gold as the metal is viewed as a safe store of value for investors.
The broader metals complex traded mixed in Asian trading.
Silver tracked gold higher, with the September contract SIU2 +0.22% up 3 cents, or 0.1%, to $27.94 an ounce. Copper for September delivery HGU2 -0.07% added less than 1 cent to $3.42 a pound.
On the downside, September palladium PAU2 -0.18% dropped $1.60, or 0.3%, to $588.95 an ounce. Platinum for October delivery PLV2 -0.05% shed $1.35, or 0.2%, to $1,415.10 an ounce.
Virginia Harrison is a MarketWatch reporter based in Sydney.
