{"id":12833,"date":"2023-05-23T20:25:46","date_gmt":"2023-05-24T00:25:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-rangebound-ahead-of-fed-minutes-copper-slammed-by-weak-pmis\/"},"modified":"2023-05-23T20:25:46","modified_gmt":"2023-05-24T00:25:46","slug":"gold-rangebound-ahead-of-fed-minutes-copper-slammed-by-weak-pmis","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12833","title":{"rendered":"Gold rangebound ahead of Fed minutes, copper slammed by weak PMIs"},"content":{"rendered":"
\n

Investing.com– Gold prices kept to a tight trading range on Wednesday as markets awaited some progress in negotiations over raising the U.S. debt ceiling, while copper prices hit six-month lows on signs of a slowdown in global manufacturing activity.<\/p>\n

Focus was also chiefly on the of the Federal Reserve\u2019s May meeting, due later in the day, for more cues on the path of U.S. interest rates this year.\u00a0<\/p>\n

Gold has moved in a tight trading band of $1,950-$1,980 an ounce for nearly a week after losing the key $2,000 level, amid continued uncertainty over a U.S. debt default.\u00a0<\/p>\n

Consistent negotiations between Democrat and Republican lawmakers have so far failed to yield a deal to raise the U.S. spending limit and avoid a default. This comes ahead of a June deadline for a default, which could have dire consequences for the global economy.<\/p>\n

was flat at $1,975.63 an ounce, while rose 0.1% to $1,977.45 an ounce by 20:12 ET (00:12 GMT).<\/p>\n

But the yellow metal still saw some safe haven bids as traders positioned for a slowdown in global economic activity this year. A raft of weaker-than-expected purchasing managers index readings released on Tuesday furthered this notion, battering industrial metals.<\/p>\n

Copper prices sank to a near six-month low after preliminary manufacturing PMI readings from the , and the contracted more than expected in May. The readings indicated a consistent slowdown in global manufacturing activity this year, which is expected to significantly dent copper demand.<\/p>\n

The red metal was already nursing steep losses for May after recent data showed an unexpected slowdown in . China is the world\u2019s largest copper importer, and is struggling to shore up economic growth as it reemerges from three years of COVID lockdowns.<\/p>\n

rose 0.2% to $3.6452 a pound on Wednesday, hovering around their lowest levels since late-November.\u00a0<\/p>\n

Broader metal markets were also pressured by a resurgence in the , as traders bet that the Federal Reserve will keep interest rates higher for longer this year.<\/p>\n

While the central bank has signaled a potential pause in its rate hike cycle, it is also expected to keep rates at near 15-year highs for the remainder of the year, as inflation remains sticky.<\/p>\n

Higher interest rates pressure metal prices by increasing the opportunity cost of holding non-yielding assets. This trend had battered metal prices through 2022, and is expected to keep the pressure on this year.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Gold prices kept to a tight trading range on Wednesday as markets awaited some progress in negotiations over raising the U.S. debt ceiling, while copper prices hit six-month lows on signs of a slowdown in global manufacturing activity. 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