Gold seesaws ahead of key Fed meeting
London (Mar 17) Gold futures traded in a tight range on Tuesday, with investors wary of piling further into the yellow metal ahead of the closely watched Federal Open Market Committee meeting set to kick off Tuesday and end Wednesday with a news conference and policy statement.
Gold for April delivery GCK5, -0.13% was flat around $1,153.20 an ounce, taking a breather after settling higher for a third straight session on Monday.
The metals market is likely to get its next real cue from the FOMC meeting, with market participants looking for a signal as to whether the central bank is getting ready to hike interest rates and drop the “patient” reference in its statement.
If the U.S. central bank opts to keep the wording, gold could remain under pressure. Conversely, if it is removed, stocks could get beaten, while gold marches higher.
In other metals on Tuesday, May copper HGK5, -1.82% fell 5 cents, or 1.8%, to $2.62 a pound, while silver for the same month SIK5, -0.53% gave up 8 cents, or 0.5%, to $15.54 an ounce. April platinum PLJ5, -0.48% fell 3 cents, or 0.3%, to $1,104.90 an ounce and June palladium PAM5, -0.74% skidded $2.80, or 0.4%, to $777.30 an ounce.