Gold News & Info

Source: Myra P. Saefong, CBS.MarketWatch.com

New York— Gold prices were little changed Tuesday and shares of major metals companies traded lower in the run up to the Federal Reserve�s decision on interest rates due out after the futures market closes.

Investors expect the central bank�s Federal Open Market Committee to make a 25-basis-point rate cut Tuesday afternoon and take the overnight fed funds rate to 1.75 percent.

The FOMC typically makes the decision at 2:15 p.m. Eastern time, which would come after the close of the Commodities Exchange at 1:30 p.m. so gold traders won�t be able to react to the figure until Wednesday.

February gold on the Commodities Exchange division of the New York Mercantile Exchange rose 10 cents to trade at $273.20 an ounce. March silver rose 2.5 cents to $4.265 an ounce.

As of late Monday, Comex gold inventories were down 15,758 at 1.385 million ounces. Silver stocks were unchanged at 104.83 million ounces. Comex copper stocks, by late Monday, rose 1,473 to 243,959 short tons.

Meanwhile, palladium futures traded lower after rising over the last seven sessions on uncertainty over adequate exports out of Russia.

March palladium fell $29.05 to stand at $400.20 an ounce. The January platinum contract slipped $11.40 to $463 an ounce.

In related metals news, March copper rose 0.65 cent to 69.15 cents a pound.