Gold Price Holds Steady Ahead Of Fed Decision

New York (Sept 25)  Gold prices held steady on Tuesday as investors looked ahead to the upcoming Fed meeting for clues to future rate increases.

Spot gold was up 0.1% at USD1,200.56 an ounce while US gold futures were little changed at USD1,204.50 an ounce.

The US Federal Reserve is expected to deliver another 25 bps rate hike when it concludes a two-day policy meeting on Wednesday.

Amid growing trade uncertainty and ahead of upcoming mid-term elections, investors are waiting to see whether the Fed will signal any changes in its expected pace of interest rate hikes.

The US central bank will also announce updated economic and financial projections, including its first forecasts for 2021.

The dollar held firm as trade war fears simmered and benchmark 10-year Treasury yields held above 3% ahead of a five-year note auction.

AllianceNews