Tuesday, 16 July 2024

Gold is locked in narrow range ahead US Central Bank meeting

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Gold traded today, Wednesday, within a narrow range, as investors await the meeting of the Federal Reserve (the US central bank) next week to assess the stance of the bank’s monetary policy.

According to Reuters, gold in spot transactions witnessed a slight change to $1,772 an ounce by 0650 GMT. US gold futures rose 0.1 percent to $1,783.90.

A rising dollar makes the precious metal less attractive to overseas buyers. The dollar index recorded an increase of 0.2 percent

US consumer price index data for November is scheduled to be published on December 13, while the last meeting of the Federal Reserve for 2022 is scheduled for December 13-14.

High interest rates affected gold’s traditional position as a hedge against inflation and other factors of uncertainty this year, as it increases the opportunity cost of holding non-return bullion.

As for other precious metals, silver rose in spot transactions by 0.7 percent, to $ 22.31.

Platinum fell 0.3 percent to $986.15, while palladium rose 1.2 percent to $1,871 an ounce.

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