Panic among gold companies in the Middle East before the Fed meeting. international business news
Gold strengthened with gains on Monday Tension In Middle East raised the demand for secured assetWhile markets awaited the Federal Reserve’s policy decision later this week, more information will be available on the timing of the first US conference this year. interest rate cut,
Spot gold was up 0.4% at $2,027.00 an ounce by 12:02 p.m. ET (1702 GMT), while U.S. gold futures also rose 0.4% at $2,026.10.
Washington was considering its response to the first deadly attack on its forces in the Middle East since the Gaza war began after a drone strike in northeastern Jordan over the weekend killed three people. American soldiers And at least 34 were injured.
“This has increased tensions in the Middle East even more, and that’s why money is going into gold and silver market “Based on safe-haven demand,” said Jim Wyckoff, senior analyst at Kitco Metals.
Benchmark US 10-year bond yields declined, increasing the appeal of non-yielding bullion.
The rate-setting decision is due on Wednesday from the Federal Open Market Committee (FOMC), which had taken a dovish stance at its December meeting.
“This FOMC meeting will provide some guidance as to when the first interest rate cut might occur, and whether the Fed will take a dovish or dovish stance on its monetary policy,” Wyckoff said.
Data last week showed a moderate rise in US prices in December, keeping annual inflation below 3% for the third consecutive month and potentially allowing the Fed to start cutting interest rates this year.
Uncertainty about the economy and US interest rate cuts could push gold prices to record highs in 2024, a Reuters poll showed on Monday. [PREC/POLL]
Spot silver rose 1.2% to $23.07 an ounce, its lowest level since Jan. 16, while platinum rose 1.6% to $927.05. Palladium rose 1.4% to $968.70.
Spot gold was up 0.4% at $2,027.00 an ounce by 12:02 p.m. ET (1702 GMT), while U.S. gold futures also rose 0.4% at $2,026.10.
Washington was considering its response to the first deadly attack on its forces in the Middle East since the Gaza war began after a drone strike in northeastern Jordan over the weekend killed three people. American soldiers And at least 34 were injured.
“This has increased tensions in the Middle East even more, and that’s why money is going into gold and silver market “Based on safe-haven demand,” said Jim Wyckoff, senior analyst at Kitco Metals.
Benchmark US 10-year bond yields declined, increasing the appeal of non-yielding bullion.
The rate-setting decision is due on Wednesday from the Federal Open Market Committee (FOMC), which had taken a dovish stance at its December meeting.
“This FOMC meeting will provide some guidance as to when the first interest rate cut might occur, and whether the Fed will take a dovish or dovish stance on its monetary policy,” Wyckoff said.
Data last week showed a moderate rise in US prices in December, keeping annual inflation below 3% for the third consecutive month and potentially allowing the Fed to start cutting interest rates this year.
Uncertainty about the economy and US interest rate cuts could push gold prices to record highs in 2024, a Reuters poll showed on Monday. [PREC/POLL]
Spot silver rose 1.2% to $23.07 an ounce, its lowest level since Jan. 16, while platinum rose 1.6% to $927.05. Palladium rose 1.4% to $968.70.
