Gold keeps to 1-month maximum ahead of Fed meeting

Gold keeps to 1-month maximum ahead of Fed meeting

On Tuesday, gold stuck to the month’s maximum in European trade because market participants looked ahead to a Federal Reserve policy gathering for any clues on the timing of the next American rate lift as well as prompts on how the key US financial institution intends to pare back its balance sheet.

Gold futures got to $1,256.73 a troy ounce adding 0.2% in New York.  

The Fed isn’t actually supposed to take action on its interest rates at the conclusion of the two-day policy gathering on Wednesday. So, rates won’t probably leave the range 1.0%-1.25%.

The key bank is going to issue its post-meeting statement as traders monitor any change in language that could hint more clearly at a rate lift in the months ahead.

Traders will also monitor how and when the Federal Reserve will start cutting its $4.5 trillion balance sheet.

The most popular precious commodity is extremely sensitive to fluctuations in American interest rates.

Similar

Gold declines due to Thanksgiving Day

On Thursday, gold sagged in holiday-thinned trade, although losses were capped by rumors that the major US bank might not tighten American policy as mawkishly as previously anticipated…

Crude is firm on anticipated OPEC cut extension

On Wednesday, crude rallied after a reported dive in American crude inventories and also on hopes that an OPEC-led output cut aimed at tightening the crude market is going to be extended beyond next March…

Popular

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later