Gold goes down in Asia ahead of Fed gathering

Gold goes down in Asia ahead of Fed gathering

On Tuesday, gold went down in Asia because the evergreen buck tacked on ahead of the beginning of a two-day FOMC gathering with rates seen intact, although views on inflation are anticipated to influence the market.

February delivery gold futures dived 0.12% in New York being worth $1,338.70 a troy ounce. Meanwhile, the US dollar index inched up 0.01% trading at 89.18.

Overnight, the number one precious metal dived in the wake of a steep ascend in the US currency amid investor hopes that firm economy surge along with faster inflation would back the Fed’s case for a more hawkish approach to monetary policy.

By the way, Goldman Sachs informed that it actually expects the US major financial institution to adopt a bit aggressive slant in its commentary as for inflation and economic conditions, when the Fed publishes its policy statement on Wednesday.

Sentiment for the precious metal is still bullish, although market participants kept increasing their bullish bets that the asset would extend its recent soar.

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Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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