Gold hits 2-week high as dollar falls ahead of Fed meeting

Gold prices hit a two-week high on Tuesday as the U.S. dollar lost its grip on its six-month high hit last week as attention focused on the Federal Reserve’s two-day policy meeting which begins later in the day. FUNDAMENTALS Spot gold was steady at $1,932.79 an ounce at 0058 GMT, after hitting its highest level since September 5 earlier in the session.

U.S. gold futures rose 0.1% to $1,954.30 an ounce. The US dollar weakened 0.1% against its rivals, making gold cheaper for foreign buyers, ahead of key policy decisions by the central banks of the US, Britain and Japan during the week. U.S. Federal Reserve officials, who have tentatively considered the possibility of curbing inflation without a recession, face an auto workers’ strike, a possible federal government shutdown and a reduction in student loans this week to consumers, which poses new risks to this best-case scenario.

European Central Bank policymakers want to soon start discussing how to tackle the billions of euros of excess liquidity circulating around banks, with a possible first step by increasing reserve requirements, six sources told Reuters. Reuters. Hecla Mining said Monday that production at its Idaho mine, which reported a fire earlier, would likely remain suspended throughout this year, prompting the company to lower its silver production forecast for this year. period. Spot silver edged up 0.1 percent to $23.24 an ounce, platinum was flat at $933.10 and palladium jumped 1.1 percent to $1,249.07.

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Gold prices hit a two-week high on Tuesday as the U.S. dollar lost its grip on its six-month high hit last week as attention focused on the Federal Reserve’s two-day policy meeting which begins later in the day. FUNDAMENTALS Spot gold was steady at $1,932.79 an ounce at 0058 GMT, after hitting its highest level since September 5 earlier in the session.

U.S. gold futures rose 0.1% to $1,954.30 an ounce. The US dollar weakened 0.1% against its rivals, making gold cheaper for foreign buyers, ahead of key policy decisions by the central banks of the US, Britain and Japan during the week. U.S. Federal Reserve officials, who have tentatively considered the possibility of curbing inflation without a recession, face an auto workers’ strike, a possible federal government shutdown and a reduction in student loans this week to consumers, which poses new risks to this best-case scenario.

European Central Bank policymakers want to soon start discussing how to tackle the billions of euros of excess liquidity circulating around banks, with a possible first step by increasing reserve requirements, six sources told Reuters. Reuters. Hecla Mining said Monday that production at its Idaho mine, which reported a fire earlier, would likely remain suspended throughout this year, prompting the company to lower its silver production forecast for this year. period. Spot silver edged up 0.1 percent to $23.24 an ounce, platinum was flat at $933.10 and palladium jumped 1.1 percent to $1,249.07.

(What’s Moving Sensex and Nifty Follow the latest market news, stock tips and expert advice on ETMarkets. Additionally, ETMarkets.com is now on Telegram. For the fastest news alerts in financial markets , investment strategies and stock market alerts, subscribe to our Telegram feeds.)

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