FOMC

Precious metals have paused after two solid days of gains last week after the after the Federal Open Market Committee (FOMC) announced further loosening of monetary policy to reinvigorate the sluggish U.S economy launching  QE3 after much anticipation.

Precious metals traded higher ahead of the Federal Open Market Committee (FOMC) meeting slated for September 12-13 and taking currency cues with the Euro pushing to 1.2871.

It was a relatively quiet day on the metals markets as spot gold traded in a narrow range with a  slight bias to the upside. The major focus is on the FOMC meeting slated for September 12-13. The yellow metal moved higher in early trade to $1738 as the Euro strengthened vs. the green back.