Bengaluru — Gold prices were steady on Wednesday, after falling to one-week lows the session before, with investors waiting for the conclusion of the US Federal Reserve’s meeting later in the day for clues on the timing of future interest rate hikes. “The rate hike is almost a done deal, it is quite clear that they will most likely increase rates by another 25 basis points, but the market watchers are looking very closely at the language rather than the rate hike,” OCBC analyst Barnabas Gan said. “People will be looking very closely to see if there’s any forward guidance that will indicate if there will be a fourth rate hike into the year-end.” A Fed statement is expected at 8pm South African time. Spot gold was little changed at $1,295.30 an ounce at 3.50am GMT. It touched a one-week low of $1292.60 in the previous session. US gold futures for August delivery were 0.04% lower at $1,298.90/oz. The metal is highly sensitive to US interest rates, which lift the opportunity cost of hol...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.