Gold prices dip on UBS' Credit Suisse acquisition, Fed's monetary policy decision in focus

MG News | March 20, 2023 at 12:08 PM GMT+05:00

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March 20, 2023 (MLN): Gold prices have taken a dip as investors' concerns about the financial sector eased in early Asian trade.

This came after UBS announced its acquisition of Credit Suisse for over $3 billion.

As markets keep a close eye on the Federal Reserve, senior strategist Daniel Dubrovsky predicts that bets of a 50-basis-point hike have vanished, and there are now rising expectations of an end to the tightening cycle.

Oanda suggests that key resistance for gold lies at $1,960, which is around the February highs. Spot gold has dropped by 0.6% and is currently trading at $1,977.17/oz.

Investors will continue to monitor the Federal Reserve's monetary policy decisions as the global economy navigates through uncertain times.

Despite the recent dip, gold remains a valuable asset for many investors seeking a safe haven during market volatility.

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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	72,845.00	73,600.00 72,275.00	-600.00 -0.82%
BRENT CRUDE	83.34	84.74 82.13	1.94 2.38%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-17.10 -14.68%
ROTTERDAM COAL MONTHLY	121.50	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
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SUGAR #11 WORLD	13.71	14.07 13.70	-0.22 -1.58%