{"id":39817,"date":"2023-07-24T11:51:09","date_gmt":"2023-07-24T15:51:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-head-lower-as-investors-await-fed-meeting\/"},"modified":"2023-07-24T11:51:10","modified_gmt":"2023-07-24T15:51:10","slug":"gold-prices-head-lower-as-investors-await-fed-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39817","title":{"rendered":"Gold prices head lower as investors await Fed meeting"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002311746\" role=\"document\">\n<p>Gold prices edged lower on Monday, with investors waiting to hear from Federal Reserve Chairman Jerome Powell on Wednesday when the central bank\u2019s two-day July policy meeting concludes. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.23%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       were down $2, or 0.1%, at $1,964.60 an ounce on Comex. <\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-1.01%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-1.01%<\/bg-quote><br \/>\n       were off by 25.5 cents, or 1.3%, at $24.60 an ounce. <\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       traded at $964.60 per ounce, down $7.60, or 0.8%, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.19%<\/bg-quote><br \/>\n       declined by $5.50, or 0.4%, to $1,281 per ounce. <\/p>\n<\/li>\n<li>\n      September copper<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.85%<\/bg-quote><br \/>\n       declined by less than a penny, or 0.1%, to $3.821 per pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Price action <\/h2>\n<p>Gold prices have climbed month to date after the July CPI report released midmonth showed price pressures ebbing more quickly than expected last month. <\/p>\n<div class=\"paywall\">\n<p>Assuming the Fed follows through with a widely-expected interest-rate hike on Wednesday, investors will be watching closely for signs of how this latest data point is impacting the central bank\u2019s plans going forward. Expectations that the July hike might be the final one for the cycle have helped to boost gold prices, while causing the U.S. dollar<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.22%<\/bg-quote><br \/>\n       to weaken for the month so far.<\/p>\n<p>The Federal Open Market Committee meeting this week will be the \u201cdirection setter for the gold price, with the level of perceived dovishness or otherwise from the Fed likely to have a big say in whether the precious metal makes another run\u201d towards the $2,000 level anytime soon, said Tim Waterer, chief market analyst at KCM Trade, in market commentary.<\/p>\n<p><strong>Read:<\/strong> Everyone thinks the Fed\u2019s rate hike this week will be the final one \u2014 except the Fed<\/p>\n<p>Gold futures continued to trade lower after the release of S&amp;P surveys Monday showing the U.S. economy grew in July at the slowest pace in five months.  <\/p>\n<p>The S&amp;P Flash U.S. services-sector index fell to 52.4 from 54.4 in the prior month. That\u2019s the lowest reading since March. The S&amp;P U.S. manufacturing sector index, meanwhile, rose to 49.0 from 46.3, but it\u2019s been negative for months.<\/p>\n<p>Looking ahead, the Fed isn\u2019t the only central bank meeting this week: the European Central Bank and Bank of Japan also have policy meetings on the calendar that could impact global markets. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-in-holding-pattern-as-investors-await-fed-meeting-eb552737?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices edged lower on Monday, with investors waiting to hear from Federal Reserve Chairman Jerome Powell on Wednesday when the central bank\u2019s two-day July policy meeting concludes. Price action Gold futures for August delivery GC00, -0.23% GCQ23, -0.23% were down $2, or 0.1%, at $1,964.60 an ounce on Comex. Silver futures for September delivery [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-39817","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices head lower as investors await Fed meeting | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices edged lower on Monday, with investors waiting to hear from Federal Reserve Chairman Jerome Powell on Wednesday when the central bank\u2019s two-day\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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