Gold steadies as focus turns to Fed meeting

Gold prices were little changed on Tuesday, ahead of the U.S. Federal Reserve‘s monetary policy meeting, while palladium was pinned below a record peak scaled in the previous session.

FUNDAMENTALS

Spot gold was steady at $1,780.86 per ounce by 0057 GMT. U.S. gold futures were little changed at $1,780.10 per ounce.

Palladium was steady at $2,924.93 per ounce, after hitting an all-time high of $2,941 on Monday.

The dollar index inched up against its rivals, making gold more expensive for other currency holders.

Market participants are now looking at the U.S. Fed’s two-day policy meeting, which ends on Wednesday, and while no major policy changes are expected, investors will pay close attention to Chairman Jerome Powell’s outlook on the economy.

Japan’s central bank is expected to maintain its massive stimulus on Tuesday and project inflation missing its 2% target for years to come, as fresh curbs to combat a spike in COVID-19 cases overshadow the boost to growth from solid global demand.

New orders for key U.S.-made capital goods rose solidly in March and shipments surged, cementing expectations that economic growth accelerated in the first quarter as massive government aid and improving public health boosted demand.

More than 147.23 million people have been reported to be infected by the novel coronavirus globally and 3,249,168? have died, according to a Reuters tally.

India ordered its armed forces on Monday to help tackle surging new coronavirus infections, as nations pledged urgent medical aid to try to contain an emergency overwhelming the country’s hospitals.

Silver fell 0.1% to $26.19 per ounce. Platinum was up 0.3% at $1,247.90.

DATA/EVENTS (GMT)
1400 US Consumer Confidence April

N/A Japan JP BOJ Rate Decision

April 27 Federal Reserve’s Federal Open Market Committee starts its two-day meeting on interest rates

About Author

Related posts