Gold Moving in a Limited Range as Focus Shifts to The US Fed

Gold trading recorded a limited range Wednesday, January 27, as traders in the market awaited the US Federal Reserve’s decision on monetary policy and developments related to a stimulus package to mitigate the repercussions of the Coronavirus in the largest economy in the world.

This fell in spot gold transactions 0.1% to 1849.16 dollars an ounce. And US gold futures fell 0.2% to $ 1847.50.

The Fed is expected to maintain its policy stance when it announces its decision by 19:00 GMT. Investors will follow the comments of Jerome Powell, president of the bank, to gather indicators on the state of the economy.

Attention is also focused on President Joe Biden’s $ 1.9 trillion stimulus plan, which was met with opposition from Republicans over its size.

Gold has received some support from concerns about the high global infection with the Coronavirus, which has exceeded 100 million, at a time when countries are facing difficulties in light of the lack of vaccines.

As for the other precious metals, silver fell 0.1% to $ 25.41 an ounce, platinum fell 0.7% to $ 1091.08, and palladium fell 0.1% to $ 2322.66.