Gold heads south in early Asia

Gold heads south in early Asia

On Tuesday, gold traded weaker in early Asia, with focus on the Fed as well as demand prospects for the number one precious metal as the major bank is geared up to normalizing monetary policy.

In New York, August delivery gold futures reached $1,267.84 per troy ounce.

Overnight, gold was nearly intact because traders waited for an upcoming Fed interest rate verdict and also press conference from Fed chair Janet Yellen to find out whether the major US financial institution will keep pursuing its monetary tightening path or not.

The FOMC is supposed to raise its benchmark rate from 0.75-1% to about 1-1.25%, following the conclusion of Wednesday’s gathering.

Market participants will pay much attention to the press conference for any clues on the major bank’s plan to diminish its $4.5 trillion balance sheet this year and any probable shift in tone on upcoming interest rate hikes in the wake of poor American economic data.

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