Gold Prices Fall as Traders Await FOMC

29/01/2020 06:54:21 CommoditiesCommodities

By Alex Ho – Gold prices fell on Thursday in Asia ahead of the U.S. Federal Reserve meeting outcome.

Gold Futures lost 0.2% to 1,566.75 by 1:45 AM ET (05:45 GMT).

Investors are now waiting for the U.S. central bank's monetary policy statement due later in the day. Analysts and investors widely expect the Fed to stand pat on interest rates

Rising concerns about the potential economic impact of the coronavirus outbreak across China and other countries remained in focus. So far, there have been over 5,900 cases confirmed in China while the number of death toll increased to 132.

"Any economic impact to China is unquantifiable at the moment. If we're still in this situation in a month from now, we are going to see some growth issues, but at the moment we are just speculating," said Jeffrey Halley, senior market analyst, OANDA.