Gold price down slightly as investors await Wednesday Fed statement

Asian physical demand for bullion remains hot but data showing increases in US consumer confidence, home prices and ETF sell-offs have prevented further gold gains as investors await the US Federal Reserve and European Central Bank policy statements due this week.

Senior commodities analyst at Charles Schwab Michael Zarembski expects the choppy gold trading to continue "unless we get something dramatic happening, such as real further easing by the ECB this week."

The price of gold has crept up in the direction of $1,500 over the past week but edged down slightly to $1,474 by 7pm EST Tuesday.

 

One week gold price

Sources: Reuters; InfoMine.com