Gold Holds Steady Ahead of FOMC, As 10-yr Bund Dips Below Zero

from Kitco NEWS

lass=”” >Gold prices hold steady as markets await the conclusion of this month’s Federal Open Market Committee meeting and Fed chair Janet Yellen’s press conference. However, the metal managed to move higher as the German 10-year bond yield dipped into negative territory for the first time in history. According to US Global Investors CEO Frank Holmes, negative rates continue to be good news for the yellow metal. Gold futures managed to hold ground throughout the day with August Comex gold last down $1.20 at $1.285.70 an ounce. ‘I don’t think you will see rates go up,’ he told Kitco News. Holmes highlighted the upcoming British referendum as the event to watch. ‘I think that’s the big issue for the next 10 days.’ Looking at Europe, he also commented on the 10-year German Bund falling below zero, which he says was surprising given that the Brexit vote is still up in the air.

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