Gold rises, hovers near $1,800 mark as Fed decision looms

28.07.2021 - Kulakov Vladimir
Gold rises, hovers near $1,800 mark as Fed decision looms

Gold rose in Asia on Wednesday, staying near the key $1,800 mark as investors await the US Federal Reserve’s latest policy decision.

Gold futures climbed up 0.36% to $1,806.35 by 12:01 AM ET (4:01 AM GMT). The dollar, which typically moves inversely to gold, also went up on Wednesday but did not breach its three-and-a-half-month high reached during the previous week.

The Fed’s decision will be handed within the day and its chairman, Jerome Powell, will speak at a press conference after. Both the Fed’s decision and Powell’s comments would be analyzed for insights on the central bank’s timeline for asset tapering and interest rate hikes.

On Tuesday, released data showed that the US Conference Board consumer confidence index for July was 129.1, the highest level in 17 months. This indicates that households’ spending plans are on the rise despite inflationary pressures.

In news about other precious metals, silver remained steady at $24.67 per ounce, following its lowest level in nearly four months at $24.46 on Tuesday. Meanwhile, Palladium dipped 0.1% and platinum went up 0.22%.

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