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Gold Prices Steady Ahead of U.S. Federal Reserve Decision - Jordan News

Gold Prices Steady Ahead of U.S. Federal Reserve Decision - Jordan News

Jordan News5 days ago
Gold Prices Steady Ahead of U.S. Federal Reserve Decision Gold prices held steady on Wednesday as investors refrained from making big moves ahead of the U.S. Federal Reserve's much-anticipated monetary policy decision expected later today. اضافة اعلان At the same time, falling U.S. Treasury yields and a slight decline in the dollar provided some support to gold prices. Spot gold remained unchanged at $3,324.46 per ounce as of 06:04 GMT, while U.S. gold futures were steady at $3,321.90. Kelvin Wong, chief market analyst at OANDA, stated: 'There's a possibility that the Fed could start leaning toward a more dovish policy stance, which is reflected in Treasury yields,' adding that the strength of the dollar has also weakened recently. The U.S. dollar index (.DXY) retreated from its highest level in over a month, while 10-year Treasury yields hovered near their lowest point in a month. The Federal Reserve is widely expected to keep interest rates unchanged, despite ongoing calls from U.S. President Donald Trump for a rate cut. Markets continue to anticipate a potential rate cut in September. Gold tends to perform well in a low interest rate environment. Wong noted that if gold prices break above $3,350 per ounce by the end of this week, especially in light of upcoming U.S. inflation and employment data, the bullish momentum may return, at least in the short term. On another note, U.S. and Chinese officials agreed on Tuesday to work toward extending a 90-day tariff truce, which is set to expire on August 12, following two days of talks in Stockholm. U.S. officials clarified that the final decision lies with President Trump. Also on Tuesday, the International Monetary Fund (IMF) slightly raised its global growth forecasts for 2025 and 2026, citing unexpected buying activity ahead of the August 1 U.S. tariff hike and a drop in the effective tariff rate to 17.3% from 24.4%. As for other precious metals: Spot silver fell 0.3% to $38.09 per ounce Platinum declined 0.9% to $1,381.97 Palladium dropped 0.5% to $1,252.75,
according to Reuters.
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