Los Angeles CA, June 17 (Tangible Investments) - by James O’Dell - Gold and Silver bullion prices retreated modestly on Monday with Gold easing $5.15 or 0.40 percent to close at $1,271.75 an ounce as the metals consolidate ahead of the two day Federal Open Market Committee (FOMC) meeting that begins later today and ends on Wednesday with the June policy statement and Fed Chair Janet Yellen's quarterly press conference. The price of Silver dipped $0.03 or 0.15 percent to close at $19.71 an ounce, while the Gold/Silver ratio edged lower to 64.62.
The Fed is expected to lower its outlook for the economy at its policy meeting this week, after the International Monetary Fund (IMF) downgraded its growth forecast for the U.S. this year to just 2 percent from its previous prediction of 2.8 percent. Policymakers are expected to taper the Fed's massive quantitative easing (QE) program by yet another $10 billion from $45 billion each month to $35 billion, but are not likely to raise interest rates any time soon.
Meanwhile, Pentagon spokesman Rear Adm. John Kirby said on Monday that the Defense Department isn't preparing to work with Iran in assisting Iraq, although the U.S. and Iran have already held "very brief discussions" about Iraq and the threat posed by ISIS on the sidelines of the Vienna nuclear talks according to State Department spokeswoman Marie Harf on CNN's "The Situation Room with Wolf Blitzer."
But don't be surprised if the U.S. ends up cooperating with Iran to stop ISIS, because according to Secretary of State John Kerry, "I wouldn't rule out anything that would be constructive to providing real stability." Gold is expected to continue to draw support from the conflict as President Obama considers all available options for U.S. involvement in supporting Iraq's currently ineffective government as Sunni rebels advance on Baghdad.
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