Gold prices steady as Fed meeting looms

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MG News | September 20, 2023 at 11:15 AM GMT+05:00

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September 20, 2023 (MLN): International gold prices remained steady ahead of the U.S. Federal Reserve's meeting, with expectations of an unchanged interest rate, but the prospect of further hikes later this year looms.

International spot gold is currently trading at $1,931.21, unchanged compared to the previous close.

The Fed’s rate-setting policy committee will release a new policy statement and interest rate decision at 11:00pm PST, with Fed Chair Jerome Powell scheduled to hold a press conference at 11:30pm PST.

“Thus far, real Treasury yields have remained elevated in the lead-up to the upcoming Fed meeting, which reflects broad positioning in place for a hawkish-pause scenario from the Fed and kept gold prices on some caution,” said Yeap Jun Rong, a market strategist at IG, as Reuters reported.

“The focus ahead will be on whether the fresh economic projections are able to provide the conviction that the Fed’s view for additional tightening will be followed through.”

On Tuesday, Treasury Secretary Janet Yellen said U.S. growth needed to slow to a pace more in line with its potential rate to bring inflation back to target levels since the economy was operating at full employment.

Surging oil prices have added to inflationary pressures and raised expectations that the U.S. central bank will keep rates higher for longer.

A more hawkish Fed on the back of stronger-than-expected August U.S. CPI and PPI data released last week should see downside risk to gold prices, NAB Commodities Research said in a note.

Meanwhile, international spot silver is currently trading at $23.18, down by 0.08% on the day.

 Copyright Mettis Link News

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