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Monday, January 24, 2022

Gold Prices Little Changed as Traders Await Fed Outlook

Gold Prices Little Changed as Traders Await Fed Outlook© Reuters.

Investing.com – Gold prices were flat on Wednesday in Asia as traders awaited cues on the rate hike paths of the U.S. Federal Reserve from its two-day policy meeting.

for February delivery last traded at $1,254.45 at 1:05 AM ET (06:05 GMT) on the Comex exchange, up 0.05%.

The Fed is likely to raise rates later in the day, but some expect the central bank to signal fewer rate hikes for 2019.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar, in which it is priced.

“Gold’s rally is on hold for now as all eyes are on the Fed for tomorrow,” said George Gero, precious metals analyst at RBC Wealth Management in New York.

The that tracks the greenback against a basket of other currencies fell by 0.2% to 96.343 by 12:01 AM ET (05:01 GMT).

“The positioning going into the FOMC meeting is very defensive and that’s why we are seeing the dollar weakening,” said Michael McCarthy, chief markets strategist at CMC Markets.

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Source: Investing.com

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