Gold prices steadied on Wednesday, hovering near a four-week low as investors awaited a decision from the US Federal Reserve that could offer insights into the timing of interest rate cuts.<\/p>\n\n\n\n
Spot gold settled at $2,285.69 per ounce by 0829 GMT, after hitting its lowest level since April 5 earlier in the session. Prices dipped by up to two percent on Tuesday, driven by a stronger dollar and rising US Treasury bond yields.<\/p>\n\n\n\n
The precious metal shed over $140 after reaching a record high of $2,431.29 on April 12.<\/p>\n\n\n\n
US gold futures slipped 0.3 percent to $2,296.30 per ounce.<\/p>\n\n\n\n
All eyes are now on the US Central Bank’s monetary policy decision at 1800 GMT and subsequent remarks from Fed Chair Jerome Powell.<\/p>\n\n\n\n
The Federal Reserve is anticipated to maintain the benchmark interest rate within the range of 5.25 to 5.5 percent.<\/p>\n\n\n\n
While gold is traditionally viewed as a hedge against inflation, the allure of holding this non-yielding asset diminishes in the face of high interest rates.<\/p>\n\n\n\n
In other precious metals, silver climbed 0.6 percent to $26.43 per ounce in spot transactions, while platinum rose 0.6 percent to $939. Palladium declined by 0.7 percent to $940.75, following its lowest level in about two months in the previous session.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices steadied on Wednesday, hovering near a four-week low as investors awaited a decision from the US Federal Reserve that could offer insights into the timing of interest rate cuts. Spot gold settled at $2,285.69 per ounce by 0829 GMT, after hitting its lowest level since April 5 earlier in the session. Prices dipped …<\/p>\n","protected":false},"author":9,"featured_media":99315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7014,8656,6885,9591,7603,8676,6984],"class_list":["post-100715","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-consumer-sentiment","tag-eci","tag-fed","tag-fomc-decision","tag-gold-prices","tag-ism-manufacturing-pmi","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/100715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=100715"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/100715\/revisions"}],"predecessor-version":[{"id":100716,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/100715\/revisions\/100716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/99315"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=100715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=100715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=100715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}