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Gold prices were trading slightly higher on Wednesday after rising for four straight sessions as investors awaited an interest-rate decision from the Federal Reserve — the first of a flurry of central-bank meetings this week that includes decisions from the Bank of Japan and Bank of England.
Market drivers
-
Gold for December delivery
GC00,
+0.20% GCZ23,
+0.20%
climbed by 70 cents, or less than 0.1%, to $1,936 per ounce on Comex. On Tuesday, the contract settled at $1,953.70 an ounce, its highest since sept. 1, FactSet data show. -
December silver
SI00,
+0.72% SIZ23,
+0.72%
gained 12 cents, or 0.5%, to $23.57 per ounce. -
October platinum
PLV23,
-0.13%
fell by $4.10, or 0.4%, to $944 per ounce, while December palladium
PAZ23,
+2.49%
fell by $23, or 1.8%, to $1,289 per ounce. -
Copper for December
PLV23,
-0.13%
gained 2 cents, or 0.6%, to $3.77 per pound.
Market drivers
Gold prices have drifted lower all summer in an increasingly tight range, but after the yellow metal’s latest spurt higher, some traders are hoping for more directional clarity following Wednesday’s Fed decision and press conference.
Traders are waiting to see if the Fed will follow in the footsteps of the European Central Bank, which suggested it may be finished raising interest rates after delivering another hike earlier this month, or if Powell will indeed leave the door open to more hikes in the not-too-distant future.
“Arguably the most realistically favourable outcome for gold may be a pause and an ECB-like declaration that they’ve done enough, although with so much to absorb from the meeting, there will be other drivers too,” said Craig Erlam, senior strategist at OANDA, in emailed commentary.
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