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Gold Prices Rise, Recover from Losses After Fed’s

Decisions

Gold prices rose on Friday in Asia, recovering from losses suffered in the previous session following the conclusion of the U.S. Federal Reserve’s latest policy meeting. for December delivery traded 0.4% higher at 1,512.25 per ounce on the Comex division of the New York Mercantile Exchange by 12:42 AM ET (04:42 GMT).The Fed cut rates for the second time this year Wednesday, again by a quarter point. The federal funds rate is now 1.75% to 2%.

The U.S. dollar, which usually moves in directions opposite to the yellow metal, remained largely unchanged following the move as the cut was widely expected.Gold prices recovered today, but traders remained cautious amid uncertainty over the next Fed’s move.

The central bank has two more policy meetings for the year, in October and December, but there is no certainty it would cut rates further. Investing.com’s Fed Rate Monitor Tool puts the odds of a rate cut in October at less than 50%, but forecasts another rate cut in December.While not affecting gold prices today, worries of a no-deal Brexit eased somewhat today after European Commission President Jean-Claude Juncker said he believes a deal could be passed before the deadline.

“I think we can have a deal,” Juncker said in an interview with Sky News. “I am doing everything to have a deal because I don’t like the idea of a no-deal because I think this would have catastrophic consequences for at least one year.”His comments sent the British pound higher against the U.S. dollar, but had little impact on the safe-haven gold today.