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

0:00

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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