Gold prices edged higher on Wednesday, but remained mired in a range between $1,700 and $1,750, as investors awaited the Federal Reserve’s latest interest-rate-hike announcement.
Price action
-
Gold
GC00,
-0.19% GCQ22,
-0.19%
for August delivery gained $2, or 0.1%, to $1,719. -
Silver
SIU22,
+0.03% SI00,
+0.03%
for September delivery gained 21 cents, or 1.2%, to $18.75. -
Palladium prices for September
PAU22,
+0.11%
gained $17, or 0.9%, to $2,028, while platinum prices
PLV22,
+0.65%
for October delivery gained $6.10, or 0.7%, to $870. -
Copper prices
HGU22,
+0.41%
advanced 3 cents, or 1%, to $3.42 per pound.
What analysts are saying
The near-term outlook for gold will likely be determined by the Federal Reserve, and whether or not their announcement on Wednesday is perceived as hawkish or dovish.
“How long gold continues to hold around its current levels after this short-term stabilization will be largely defined by the market reaction to the Federal Reserve’s latest interest rate decision later today,” said Rupert Rowling, a market analyst at Kinesis Money.
Marc Chandler, chief market strategist at Bannockburn Global Forex, pointed out that gold is putting in “lower highs” for a third day after weakening over the past two sessions.
10-year Treasury yields
TY00,
were modestly higher, while the ICE U.S. Dollar Index
DXY,
a measure of the greenback’s strength against a basket of major currencies, fell 0.3%.
