Gold Consolidating in a Narrow Range, Eyes on The Fed

Gold settled and moved in a narrow range on Wednesday, June 16, as investors awaited the outcome of the latest US Federal Council meeting for indications of a possible reduction of economic support measures, while the dollar’s rise imposed pressure on the yellow metal.

There was little change in gold in spot transactions at $ 1859.32 an ounce. Gold fell to its lowest level since May 17 to $1,843.99 on Monday. US gold futures rose 0.2% to $1,860.40.

As for other precious metals, silver gained 0.3% to $27.71, palladium fell 0.2% to $2757.77, while platinum fell 0.2% to $1150.99.