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Friday, December 8, 2023
NewsCalm in yellow metal trading, and markets await Federal Reserve decision

Calm in yellow metal trading, and markets await Federal Reserve decision

Gold settled into spot trade at $2016.29 an ounce at 0140 GMT, after rising more than 1% in the previous session, and US gold futures rose down 0.1% to $2026.10.

The Fed’s interest rate decision is set to be released at 18:00 GMT, when it is expected to raise rates by 25 basis points. percent, compared to 13.3 percent who expected them to remain stable.

Today, investors will focus on any indication the bank issues as to whether it will suspend interest rate hikes or continue tightening.

Gold is generally considered a hedge in times of rising inflation and economic turmoil, but a high interest rate reduces the attractiveness of the unprofitable metal.

The dollar index, which measures the US currency against six competing currencies, fell 0.25% to 101.70 points, increasing the attractiveness of the dollar-denominated metal and making it cheaper.

For other precious metals:

  • Silver fell 0.2% in spot trade to $25.33 an ounce – Platinum fell 0.4% to $1,061.53 – Palladium rose 0.4% to $1434.62.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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