Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Gold Up, Holds Near $1,800 Mark Ahead of Latest Fed Policy Decision

Published 07/28/2021, 12:01 AM
Updated 07/28/2021, 12:06 AM
© Reuters.

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia, remaining close to the key psychological $1,800 mark as investors await the U.S. Federal Reserve’s latest policy decision.

Gold futures were up 0.36% to $1,806.35 by 12:01 AM ET (4:01 AM GMT). The dollar inched up on Wednesday but remained below the three-and-a-half-month high reached during the previous week.

The Fed will hand down its decision later in the day, and Chairman Jerome Powell will speak at a press conference afterward. The decision and Powell’s comments will both be scrutinized for clues on the central bank’s timeline for asset tapering and interest rate hikes.

On the data front, data released on Tuesday said the U.S. Conference Board (CB) consumer confidence index for July was 129.1, its highest level in 17 months. The reading indicated that households’ spending plans are rising even amid inflationary pressures, indicating that the U.S. economy maintained its strong growth as the third quarter gets underway.

The figure was also higher than that of 123.9 in forecasts prepared by Investing.com and also beat the previous month’s 128.9 reading.

Investors now await U.S. second-quarter GDP data, due to be released on Thursday.

On the same day, the International Monetary Fund (IMF) maintained its 6% global growth forecast for 2021. While upgrading its outlook for the U.S. and other economies, IMF cut its predictions for other countries dealing with surging numbers of COVID-19 cases involving the Delta variant.

In Asia Pacific, Australia’s second-quarter consumer price index (CPI) grew a better-than-expected 0.8% quarter-on-quarter and 3.8% year-on-year. The country's trimmed mean CPI grew 0.5% quarter-on-quarter and 1.6% year-on-year.

In other precious metals, silver was flat at $24.67 per ounce after hitting its lowest level in nearly four months at $24.46 on Tuesday. Palladium inched down 0.1% while platinum was up 0.22%.

Latest comments

Yesterday was option expiry and closed at 1799.80, who would have thought that, surprise, surprise:  controlled by the bullion banks, until they can't anymore.
gold target for buy 1800/1802 for 1811/1818/1824 Sl 1792
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.