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Gold futures traded flat on Wednesday, one day after the yellow metal cemented its third-straight monthly gain, as investors waited to hear from Federal Reserve Chairman Jerome Powell.
Price action
-
Gold prices for April delivery
GC00,
+0.14% GCJ23,
+0.14%
were flat at $1,945 an ounce on Comex, trading just shy of its highest level since April. -
Silver for March delivery
SI00,
-0.53% SIH23,
-0.53%
fell by 16 cents, or 0.7%, to $23.68 per ounce. -
March palladium
PAH23,
+2.62%
climbed $21.70, or 1.3%, to $1,670 per ounce, while platinum for April
PLJ23,
-0.60%
declined by $7.30, or 0.7%, to $1,013 per ounce. -
Copper for March
HGH23,
-1.47%
fell by 4 cents, or 0.9%, to $4.19 per pound.
Market drivers
After a strong start to the year, the rally in gold prices has stalled in the mid-$1,900s, but Wednesday’s Fed decision could spark another leg higher, or an abrupt turnaround, depending on what Chairman Jerome Powell says during the press conference and question and answer session.
“A dovish tone by the FOMC would ignite a continuation higher in gold while another hawkish surprise could easily see half of 2023’s roughly 6% gain given back today,” analysts at Sevens Report Research said in a note Wednesday.
The Fed is expected to hike interest-rates by 25 basis points on Wednesday, after delivering a 50 basis point hike at its December meeting.
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