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Gold futures ease after morning trade above $4,700
December gold futures opened at $4,715.7 per troy ounce and slipped to $4,674.6 by 7:51 a.m. ET as investors weighed Fed signals this week.
Gold prices fell back from early highs above $4,700 on Wednesday, with December futures down from an intraday peak of $4,730.9, trading at $4,674.6 per troy ounce as of 7:51 a.m. ET, according to Yahoo Finance.
Yahoo Finance reported that gold opened at $4,715.7 per troy ounce, up 0.5% from Tuesday’s close, extending a recent run that started after the U.S. Treasury Department decided to double its purchases of long-term debt.
The outlet also linked the earlier rally to relative quiet around Middle East tensions and to talks between Iran and Oman aimed at opening a shipping channel in the Strait of Hormuz, which pushed Brent crude below $86 a barrel, down more than 6% over the prior five days.
Looking ahead, Yahoo Finance said investors will watch the release of the Fed’s preferred inflation gauge and a speech from Fed Chair Warsh on Friday for clues on how rates may be handled after the Fed’s meeting next month.
Latest closeGold $4,445.30 ▲1.2%|WTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%