Gold steady ahead of Federal Reserve meeting as trade worries persist
Palladium is at its highest since February, while gold is little changed in the face of a strong dollar
Bengaluru — Gold held steady on Tuesday as the dollar stood firm ahead of the two-day US Federal Reserve meeting beginning later in the day, while simmering US-China trade tension kept investors nervous about risks to global growth. Spot gold was barely changed at $1,198.80 by 2.57am GMT. US gold futures were down 0.1% at $1,203.10 an ounce. "Gold is glued to the $1,200 see-saw levels with some short positions closing just in case the Fed does something unexpected, give some notion of a pause in the 2019 rate hike cycle," said Stephen Innes, Asia-Pacific trading head at Oanda in Singapore. Investors await details from the two-day Federal Open Market Committee (FOMC) meeting beginning on Tuesday, when the US central bank is expected to raise benchmark interest rates and shed light on the path for future rate hikes. "A dovish inference could send gold prices above the critical $1,210 level. There's a lot of cross-action inference on this week's forward guidance from the Fed meeting," ...
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