By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Gold futures inched higher in electronic trading Wednesday, in a muted session across the metals complex as investors awaited a key meeting of central bankers later this week.
Gold for December delivery GCZ2 +0.02% added $2.50, or 0.2%, to $1,672.10 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
The metal closed lower in Tuesday’s North American session, breaking a strong recent run-up in prices as expectations of fresh stimulus measures from central banks in the U.S. and China ramped up demand for gold.
Investors were awaiting guidance as to possible quantitative easing measures by the Federal Reserve, including the timing of and size of any asset purchase program, when Fed chairman Ben Bernanke delivers a speech on Friday at the Kansas City Fed’s annual meeting in Jackson Hole, Wyo.
Gold is seen as a safe store of value and traditionally benefits amid expectations of monetary stimulus, as an alternative to devalued currencies.
The broader metals complex traded mixed in electronic trading, with gains for silver and platinum.
Silver for September delivery SIU2 +0.05% gained 5 cents, or 0.2%, to $30.92 an ounce.
Platinum for October delivery PLV2 +0.10% added $2.00, or 0.1%, to $1,522.40 an ounce.
On the downside, palladium for September delivery PAU2 -0.24% declined $1.70, or 0.3%, to $638.00 an ounce.
September copper HGU2 -0.72% slipped 1 cent, or 0.3%, to $3.45 a pound
Virginia Harrison is a MarketWatch reporter based in Sydney.
