{"id":40328,"date":"2023-07-25T14:42:24","date_gmt":"2023-07-25T18:42:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-finish-higher-as-traders-await-fed-decision\/"},"modified":"2023-07-25T14:42:25","modified_gmt":"2023-07-25T18:42:25","slug":"gold-prices-finish-higher-as-traders-await-fed-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40328","title":{"rendered":"Gold prices finish higher as traders await Fed decision"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002317049\" role=\"document\">\n<p>Gold futures finished higher on Tuesday, recouping some of the losses that pulled prices in the previous session to their lowest in a week, ahead of Wednesday\u2019s Federal Reserve interest rate decision.<\/p>\n<p>The European Central Bank and Bank of Japan are also set to announce monetary policy decisions later this week. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.15%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.15%<\/bg-quote><br \/>\n       climbed by $1.50, or nearly 0.1%, to settle at $1,963.70 an ounce on Comex, a day after losing 0.2%.<\/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=\"positive\">+0.95%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.95%<\/bg-quote><br \/>\n       gained 24 cents, or 1%, at $24.82 an ounce after losing 1.1% on Monday.<\/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\">+0.81%<\/bg-quote><br \/>\n       rose $7.10, or 0.7%, to $976.60 per ounce, while palladium for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+1.47%<\/bg-quote><br \/>\n       gained $12.40, or 1%, to $1,281.20 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\">+1.80%<\/bg-quote><br \/>\n       added 6 cents, or 1.6%, to $3.92 per pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Price action<\/h2>\n<p>\u201cThis could be an explosively volatile week for gold due to the Federal Reserve rate decision and incoming key U.S. economic data,\u201d said Lukman Otunuga, manager, market analysis at FXTM.\u00a0Bulls are \u201calready lurking in the vicinity,\u201d with prices pressing above the sticky $1,960.<\/p>\n<p>Whatever the outcome of the Fed decision, \u201cit is likely to rock zero-yielding gold on Wednesday,\u201d he said in market commentary.<\/p>\n<p>Comments from Fed Chairman Jerome Powell on Wednesday in a press conference following the Fed rate decision may offer some insight about the central bank\u2019s plans for further interest rate hikes.<\/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>Although the Fed left rates on hold in June after delivering 10 consecutive interest-rate hikes, the central bank is widely expected to raise rates by another 25 basis points at this meeting. <\/p>\n<p>Any sign that the central bank is planning further hikes beyond July \u2014 perhaps another move at its September meeting, or later \u2014 could weigh on gold prices, which have benefited from the latest batch of inflation data showing price pressures easing more quickly than expected. <\/p>\n<p>\u201cThe downside risk to gold as we wrap up July will be whether the Fed leaves the door somewhat open for further increases to US interest rates,\u201d Jameel Ahmad, chief analyst at Dubai-based brokerage GTC, said in emailed comments to MarketWatch.  <\/p>\n<p>Key U.S. economic data this week include a reading on second quarter gross domestic product on Thursday and the personal consumption expenditure price index on Friday, the Fed\u2019s preferred inflation gauge. <\/p>\n<p>On Tuesday, a survey of U.S. consumer confidence climbed to a two-year high of 117.0 in July.<\/p>\n<p>It would be \u201cwise to keep a close eye\u201d on the key U.S. Q2 GDP, initial jobless claims, durable goods and June PCE data in the second half of the week, said Otunuga. \u201cWhen factoring in how these key releases may impact Fed hike expectations beyond July\u2019s policy meeting, this could translate to heightened volatility for gold.\u201d\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-cede-some-gains-as-traders-await-fed-meeting-5bce73ff?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished higher on Tuesday, recouping some of the losses that pulled prices in the previous session to their lowest in a week, ahead of Wednesday\u2019s Federal Reserve interest rate decision. The European Central Bank and Bank of Japan are also set to announce monetary policy decisions later this week. Price action Gold for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-40328","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 finish higher as traders await Fed decision | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished higher on Tuesday, recouping some of the losses that pulled prices in the previous session to their lowest in a week, ahead of\" \/>\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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