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Gold Rises on Decline in Dollar and Stocks Ahead of Fed Decision

Adel 28 July, 2021 2:07 pm Commodities, Market Update

Gold prices rose on Wednesday, drawing support from the decline in stocks and the dollar, but the gains were limited while the market cautiously awaits what the US Federal Reserve’s assessments of inflation and economic growth will reveal.

The spot price of gold was up 0.3% at $1804.69 an ounce. US gold futures rose 0.2% to $1,803.40 an ounce.

The Fed’s statement will be released at 18:00 GMT today, followed by a press conference by Federal Reserve Chairman Jerome Powell.

Gold plunged 7% in June after the Fed sounded hawkish at its last meeting.

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