Looks like we will get 50 base point drop from "BIG BEN" According to this article
cheers JAM
NEW YORK (MarketWatch) -- Gold futures finished lower Tuesday, having surged to a record earlier in the session, as the market awaited the Federal Reserve's decision on interest rates due Wednesday.
Gold for February delivery ended down $2 at $925.10 an ounce on the New York Mercantile Exchange. Earlier, gold futures touched a record $933.30 an ounce in electronic trading.
The main focus remained the Federal Open Market Committee policy-setting meeting, with most still expecting another interest-rate cut Wednesday.
"The Federal Reserve's expected [half-percentage-point] interest-rate cut tomorrow, the credit and property bubble implosion and the supply problems in South Africa are helping gold consolidate again near record levels," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
On Monday, gold surged $16.40, or 1.8%, to close at $927.10 an ounce, after hitting a record of $929.80 an ounce earlier in the session.
"For the moment, the market's trading focus shifts to equities once again, but does not deviate too far from the main event -- tomorrow's Fed decision," said Jon Nadler, a senior analyst at Kitco Bullion Dealers. "The package is arriving; the only thing left to do is ascertain the size of its contents."
The Fed's set to decide whether to follow up last week's surprise cut of three-quarters of a percentage point in the federal-funds rate with an additional easing in the face of recession fears. Former top Fed staffer Vincent Reinhart thinks the Fed is likely to cut rates by a half point. Read more.
"Gold has set a series of record highs above $900 an ounce, due to safe-haven demand and concerted reflationary efforts by central banks worldwide," said John H. Hill, an analyst at Citigroup, in a research note dated Monday.
"Gold investors are savoring the recent emergency Fed rate cut, as it invokes all three `horsemen': global derivatives crisis on multiple levels, clumsy central-bank intervention, and deliberate currency devaluations," Hill said. "We continue to favor gold, and expect a test of $1,000 an ounce."
In economic news Tuesday, orders for U.S.-made durable goods surged in December, jumping 5.2% on higher demand for airplanes, communications equipment, and defense capital goods, the Commerce Department reported. See Economic Report.
The increase far exceeded the expected 2.2% gain forecast by economists surveyed by MarketWatch. It was the largest gain in total orders since July.
The dismal data from the housing market, however, continue. Home prices in 10 U.S. cities have declined a record 8.4% in the 12 months ended in November, according to the Case-Shiller home-price index released Tuesday by Standard & Poor's. The 20-city price index has fallen a record 7.7% in the past year. Read more.
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