Gold is steady as it awaits clues on the US Fed’s plans for raising interest rates
London — Gold held steady on Monday after ending the previous week little changed, as traders awaited further clues on the pace of US interest-rate rises from a raft of Federal Reserve officials due to speak this week. The precious metal is highly sensitive to rising US rates as they increase the opportunity cost of holding nonyielding bullion while boosting the dollar in which it is priced. Spot gold was at $1,235.21 an ounce at 10.30am GMT, little changed from $1,235.22 late on Friday. US gold futures for April delivery were down 0.2% at $1,236.60. "It’s still wait and see for the gold market right now," said UBS analyst Joni Teves. "Conviction levels are low, so there’s no sense of urgency to get involved among investors yet." The US Fed’s federal open market committee meeting in mid-March would be the next likely trigger for price moves, she said. "The tone so far has been relatively neutral — that doesn’t really indicate that a move is imminent," she said. "I don’t think the ma...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.