Gold Settled as Market Awaits Fed Policy Meeting

Gold prices stabilized today, Tuesday, as dealers in the market looked to the US Federal Reserve meeting to obtain indications about the prospects for monetary policy, while the rise of the dollar pressured the attractiveness of the metal.

Gold settled in the spot market at $1780.61 an ounce. There was little change in US gold futures at $1780.40 an ounce.

The dollar rose against competing currencies, which reduces the appeal of the metal to holders of other currencies, while US Treasury yields for ten years stabilized near the level of 1.570

The Federal Reserve is not expected to make any major policy changes during the two-day meeting that ends on Wednesday, but investors are closely following Chairman Jerome Powell’s outlook on the country’s economy.

Palladium fell 0.1% to $2,924.12 an ounce, after rising to an all-time high of $ 2,941 on Monday.

Silver fell 0.2% to $26.17 an ounce, and platinum fell 0.2% $1240.71.