2023.03.2110:07:00UTC+00Gold Edges Lower As Investors Look To Fed For Direction

Gold prices edged lower on Tuesday as caution prevailed ahead of the Fed's interest-rate decision.

Spot gold dropped half a percent to $1,968.62 per ounce, after having hit a one-year high in the previous session. U.S. gold futures were down half a percent at $1,973.05.

The dollar held steady and U.S. Treasury yields climbed as fears of contagion in the banking sector subsided after the rescue of Credit Suisse by UBS.

The U.S. economic calendar remains light today with a report on existing home sales likely to attract some attention.

A two-day meeting of the U.S. Federal Reserve gets underway today, with markets expecting a 25-bps rate hike on Wednesday.

The Fed will also release its latest dot-plot projections on interest rates, inflation, unemployment and economic output.

The Bank of England may press ahead with another rate rise on Thursday, with inflation data due from the Office for National Statistics on Wednesday likely to shape the interest-rate decision.

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Can't speak right now?
Ask your question in the chat.
Widget callback