said it is worth considering whether the FOMC will announce further easing to replace
Operation Twist.
The research house noted that gold remains at the same level as during the October
meeting, which suggests that it has not priced in any move by the FOMC.
Regardless of whether the FOMC actually eases at this point, it thinks there is a
non-negligible probability. Therefore, Nomura expects gold to rise and price in this
probability as the December meeting approaches, just as gold rose when the September
meeting was approaching. (KL)
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