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Gold goes down as traders wait for prompts from Fed
On Wednesday, gold inched down in European trade because market players looked ahead to the result of the Fed’s policy meeting. They need the timing of the next American rate lift as well as prompts on how the US major financial institution intends to pare back its balance sheet.
Gold futures were worth $1,244.75 a troy ounce, sliding 0.6%. On Tuesday, the commodity ended lower, facing the first back-to-back sag for three weeks.
The US central bank is going to publish its post-meeting statement as market participants monitor any change in language that could hint more clearly to the timing of the next rate lift. Additionally, investors
Apart from that on the Comex, silver futures went down 20.5 cents or approximately 1.3% hitting $16.33 per troy ounce.
As for other precious commodities, platinum inched down 0.7% trading at $925.25. Meanwhile, palladium was nearly intact showing $857.15 an ounce.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.