Gold little changed

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FE Team | Published: March 18, 2024 21:28:35

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Gold prices were little changed on Monday ahead of the US Federal Reserve's policy decision and a series of other central bank meetings this week, reports Reuters.
Spot gold was up 0.2 per cent at $2,159.32 per ounce, as of 1311 GMT after hitting its lowest level since March 7 earlier in the session. US gold futures rose 0.1 per cent to $2,163.00.
"Gold traders are set to remain highly sensitive to what Fed Chair Jerome Powell might say about the Federal Open Market Committee's (FOMC) thinking surrounding a potential June rate cut," Han Tan, chief market analyst at Exinity Group, said.
"Should the FOMC's latest dot plot pencil in fewer than three 25-basis point rate cuts in 2024, that should prompt the precious metal to unwind more of its month-to-date gains."
Higher interest rates reduce the appeal of holding non-yielding gold.
Traders mostly expect the US central bank to hold interest rates unchanged at the end of a two-day policy meeting on Wednesday, and are pricing in a 59 per cent chance of a rate cut in June.
Bullion hit a record high of $2,194.99 on March 8, but fell 1 per cent last week after data showed US consumer prices increased solidly in February and producer prices rose more than expected.
Spot gold may fall into a range of $2,126-$2,131 per ounce as suggested by its wave pattern and a bearish pennant, according to Reuters' technical analyst Wang Tao.
Spot silver rose 0.5 per cent to $25.29, platinum fell 1.3 per cent to $921.08 per ounce and palladium dipped 1.9 per cent to $1,057.05.