Gold firmed well above the $2,000 level on Wednesday, buoyed by uncertainty surrounding the U.S. debt ceiling and other economic headwinds, while investors positioned for the U.S. Federal Reserve's monetary policy decision.
. It was trading in a narrow $7.01 range.The Fed's rate decision is expected at 1800 GMT, with the likelihood of a 25-basis-point rate hike pegged at 86%.in its 14-month tightening cycle, as policymakers balance the need to slow inflation against risks ranging from bank failures to the possibility of a U.S. debt default as soon as next month.
Bullion, known as a hedge against inflation and economic turbulence, gained over 1% in April amid the banking crisis. But higher rates tend to dent the zero-yield asset's appeal.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold hovers above $2,000 as Fed rate decision loomsGold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate decision due later in the day.
Read more »
Gold slips on firmer dollar, spotlight on Fed meetingGold prices eased on Monday as the U.S. dollar held firm, with cautious traders awaiting the Federal Reserve's interest rate hike decision later this week.
Read more »
Gold Price Forecast: XAU/USD struggles below $2,000 amid US default fears, hawkish Fed betsGold price remains sluggish ahead of the key United States data, events. First Republic Bank-induced relief contrasts with fears of US debt ceiling e
Read more »
Gold prices flat on caution ahead of Fed meetingGold prices were flat Tuesday as cautious market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the Fed.
Read more »
Gold stalls for rate hike cues from FedGold prices stuck to a relatively narrow range on Tuesday as investors braced for hints on future interest rates from the U.S. Federal Reserve's policy meeting.
Read more »
Gold ticks higher as traders await Fed meetingGold prices trade slightly higher early Tuesday but remain within their recent tight trading range around $2,000 an ounce as the yellow metal entered what...
Read more »