Home Stock Market Gold is several inches taller as traders await a Fed meeting

Gold is several inches taller as traders await a Fed meeting


Gold futures started the week on Monday with modest gains as traders head to this week’s meeting of Federal Reserve policymakers.

In addition to the Fed meeting on Wednesday, the precious metal price could also be affected by President Joe Biden’s speech to Congress on Wednesday and Thursday reporting first-quarter US GDP impacted. the US dollar – “the natural rival of gold,” said Colin Cieszynski, director. market strategist at SIA Wealth Management, told MarketWatch.

Read: Biden will outline the ‘American Family Plan’ in his speech to Congress, the White House said

In Monday transaction, gold for June
GC00,
+ 0.05%

GCM21,
+ 0.05%

inched up to 1.50 USD, or nearly 0.1%, to 1,779.30 USD / ounce on the Comex, but also traded at a low level of 1,768.20 USD. Maybe silver
SIK21,
+ 0.44%

up 11 cents, or 0.4 percent, to nearly $ 26.19 an ounce.

The Federal Reserve will conclude its two-day policy meeting on Wednesday. No policy changes are expected and Fed Chairman Jerome Powell is expected to continue to emphasize that rates are unlikely to rise before 2022 despite improved economic data and concerns. inflation increased.

Read: US economic data next week is on the positive side but the Fed will remain silent

“If Fed Chairman Powell cuts the latest inflation again during the next press conference, gold could be profitable because this will confirm the impression that the Fed is ready to accept the overheated development of economy and it runs the risk of falling behind the curve. , ”Carsten Fritsch, an analyst at Commerzbank, said in a note.

Meanwhile, gold prices briefly rose and turned slightly higher, then fell back again following the announcement of US durable orders for March on Monday. The government reported that orders for durable goods rose 0.5% in the previous month. However, economists surveyed by Dow Jones and The Wall Street Journal forecast a 2.2% increase.

Rounded metal action on the Comex Monday, May Copper rose 2% to $ 4.42 a pound after the end The sixth highest since August 2011.

July platinum
PLN21,
+ 0.32%

up 0.4% to $ 1,237.90 / ounce and June palladium
PAM21,
+ 2.01%

trading at $ 2,916.50 / ounce, up 2.1% in Monday’s trading session and ready to tick another record high end.

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