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Monday, August 15, 2022

Gold Prices Remain 5-Month Lows with Fed in Focus

Gold Prices Remain 5-Month Lows with Fed in Focus© Reuters.

Investing.com – Gold prices remained at five-month lows on Tuesday, as investors continued to focus on the Federal Reserve’s upcoming policy decision this week

Comex was down $3.00 or about 0.24% at a five-month low of $1,243.90 a troy ounce by 08:40 a.m. ET (12:40 GMT).

The Fed is widely expected to raise interest rates at its two-day policy meeting that will end on Wednesday and is currently seen tightening two to three times next year, but concerns over tepid inflation could alter the outlook for 2018.

Gold is sensitive to moves in U.S. rates, as a rise lifts the opportunity cost of holding non-yielding assets such as bullion.

Separately, data on Tuesday showed that U.S. producer price inflation and its core reading increased as expected in November.

Elsewhere on the Comex, were down 0.32% at $15.74 a troy ounce.

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Source: Investing.com

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