Jill Malandrino speaks with Thomas Vitiello about gold prices heading into the FOMC meeting this afternoon. Gold has been in a bearish trend since 2011, and over the last few weeks we saw a sharp sell-off taking it near its weekly lows. At these levels, Vitiello sees any positive news resulting in short-term pops to the upside, but that the longer term trend is dependent on gold holding above the $1,180 level. He believes that the market expects rates to rise, which is fundamentally negative for gold.
Stock quotes in this video: