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Gold Down, but Makes Small Moves Ahead of Fed Policy Meeting

CommoditiesJun 15, 2021 12:18AM ET
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By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia, continuing its losses after falling to a near one-month low during the previous session. Investors now await a U.S. Federal Reserve policy decision for further clues on inflation and the central bank’s future monetary policy.

Gold futures edged down 0.12% to $1,863.60 by 12:11 AM ET (4:11 AM GMT).

The dollar, which usually moves inversely to gold, inched down on Tuesday and benchmark U.S. 10-year Treasury yields slipped below 1.50% to near a three-month low.

The Fed will open its two-day policy meeting later in the day, with its latest decision to be handed down on Wednesday.

U.S. consumer prices data, including the consumer price index, released earlier in the month, also gave the yellow metal a boost.

However, mounting inflation concerns could mean an earlier-than-expected asset tapering. Investors are widely expecting such an announcement in the next quarter even as recovery in the U.S. job market remains uneven.

For only the second time in less than a decade, the Fed will debate when and how to sunset its unprecedented asset-purchase program that has cushioned the U.S. economy during COVID-19.

Investors also await the U.S. producer price index, alongside retail sales and industrial production figures, to be released later in the day.

In Asia Pacific, the Reserve Bank of Australia released the minutes from its latest meeting earlier in the day. Elsewhere in the region, the Bank of Japan is due to hand down its policy decision on Friday.

In Europe, the Swiss National Bank and Norges Bank will hand down their policy decisions on Thursday.

In other precious metals, silver inched up 0.1%, palladium was steady at $2,751.68 and platinum edged up 0.2%.

Gold Down, but Makes Small Moves Ahead of Fed Policy Meeting
 

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Jokers R Us
Jokers R Us Jun 15, 2021 12:27AM ET
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Amazing how the Fed can talk of easing without crashing stocks but Gold tanks...
 
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