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28-Oct (USAGOLD) — Gold came under renewed selling pressure within the range after advanced Q3 GDP came in at +2.9%, above expectations of +2.5%. That will further lift expectations for a December rate hike.
The FOMC meets next week, but they are unlikely to do anything in the week before the U.S. Presidential election. We’ll have to see if they’re inclined to kick the door wide open in their statement, or leave themselves an escape route in case the election or some other event adversely impacts markets.
At this point howeverm gold remains well within its recent range and the reaction in other markets has been pretty subdued thus far. The dollar index actually edged slightly lower. Recall that when the Fed hiked 25 bps last December, it launched gold on near-30% rally.
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