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Gold prices fell today, Wednesday, affected by rising U.S. bond yields and the rising dollar, but remained within a narrow range as markets awaited the results of the committee meeting. Federal Reserve policy.
Gold fell 0.1% in the spot market to $ 1,728.52 an ounce at 13.54 GMT. In US futures, the metal fell 0.1% to $ 1,728.90.
Record yields on US Treasuries hit a new 13-month high, sapping appetite for unproductive gold. The dollar index rose, increasing the cost of owning gold for holders of other currencies.
All eyes are on the Federal Reserve’s statement scheduled for 6:00 p.m. GMT, followed by a press conference by President Jerome Powell.
“Powell will (likely) indicate that inflationary pressures will be temporary and insignificant … which will raise 10-year bond yields and the dollar and affect gold somewhat,” said David Madden, analyst at CMC Markets UK. drop to $ 1,600 in the coming months.
But he added that the board is likely to indicate an intention to keep interest rates low as well, easing gold’s losses and providing some support.
As for other precious metals, silver rose 0.1% to $ 25.98 an ounce. Palladium fell 0.4% to $ 2,489.24 after hitting its highest level in one year at $ 2,520.31 in the previous session, and platinum fell 1.2% to $ 1,197.
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