Reduced slightly then increased again
World gold prices increased slightly with spot gold increasing by 3 USD compared to last week's closing level to 2,161 USD/ounce. Gold futures last traded at 2,164.9 USD/ounce, up 1.3 USD compared to yesterday morning.
World gold prices recovered slightly after falling to a one-week low on Monday as investors await a series of policy decisions from major global central banks, including the Federal Reserve. US Federal Reserve (Fed).
Currently, the market is almost certain the Fed will keep interest rates at 5.25% - 5.5% at its policy meeting on Wednesday. Investors believe that the US Central Bank may reiterate its view of keeping interest rates higher for a longer period of time in the context that inflation is still "persistent".
Traders are currently pricing in around a 56% chance that the Fed will cut interest rates in June. Higher rates reduce the appeal of holding non-couponing gold.
Data released last week showed US consumer prices rose sharply in February and producer prices rose more than expected amid rising prices of goods such as gasoline and food. Gold lost 1% after the report.
World gold prices recovered slightly after falling to a one-week low on Monday as investors await a series of policy decisions from major global central banks, including the Federal Reserve. US Federal Reserve (Fed).
Currently, the market is almost certain the Fed will keep interest rates at 5.25% - 5.5% at its policy meeting on Wednesday. Investors believe that the US Central Bank may reiterate its view of keeping interest rates higher for a longer period of time in the context that inflation is still "persistent".
Traders are currently pricing in around a 56% chance that the Fed will cut interest rates in June. Higher rates reduce the appeal of holding non-couponing gold.
Data released last week showed US consumer prices rose sharply in February and producer prices rose more than expected amid rising prices of goods such as gasoline and food. Gold lost 1% after the report.
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