Gold held onto most of its gains from the previous session in the US ahead of the release of the minutes from the last meeting of the Federal Open Market Committee (FOMC). Gold for December delivery on the Comex division of the New York Mercantile Exchange was last down 30 cents at $1,642.60 per ounce. Early Wednesday trade has ranged from $1,638.40 to $1,647.60.
Prices broke convincingly out of a long-held $1,600-1,625 range yesterday, supported by expectations for further monetary easing in China and better US growth prospects. “China's Premier Wen said there would be room for more monetary operation, while the US consumer confidence in August and July's leading indicators both turned out better-than-expected,” London-based broker Sharps Pixley said.