Gold Prices Flat Below $1200 Ahead of US Fed Decision on Zero Rate Promise, "Expect Volatility" as Russia Buoys Ruble with FX Intervention

GOLD PRICES traded flat in London on Wednesday, briefly spiking above $1200 per ounce as crude oil prices steadied, and the Russian Ruble rallied from yesterday's 20% plunge, ahead of the US Fed's latest policy statement.

With Russian media heavily trailing tomorrow's scheduled press conference from President Putin, Moscow joined the Opec oil cartel nations in saying it won't cut production in 2015, despite crude's plunge to 5-year lows.

The Ruble recovered to 64 per Dollar from new record lows overnight at 71 after the Central Bank of Russia announced new sales of Euros and Dollars from its foreign reserves to support its currency, but the government refrained from imposing exchange controls to stem capital flight .... https://www.bullionvault.com