Gold steady as investors await Fed meeting

<p>Gold is steady in trading as investors await the outcome of a crucial Fed meeting.</p>

Gold is steady in commodities trading this afternoon (December 11th) as investors await news on whether policymakers at the Federal Reserve (Fed) in Washington DC will be expanding monetary stimulus as they begin a two-day meeting today.

Bloomberg reports that 48 of its survey of 49 economists predicts the Federal Open Market Committee will purchase Treasuries to fortify an existing programme to buy $40 billion (£24.8 billion) in mortgage bonds each month.

In October, the group promised to continue in this way until the labour market in the world's largest economy improves.

The Fed is scheduled to end Operation Twist this month, in which it has been swapping $45 billion in short-term Treasuries each month for longer-term government debt.

At 15:50 GMT, the Forex Gold (pm fix) slipped by 0.2 per cent to a value of $1710.00 per ounce, while Dubai Gold Futures rose by 0.6 per cent last night at $1714.00 per ounce.

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