Gold prices are stabilizing ahead of the Federal Reserve meeting
Last Updated on May 1, 2021
Gold prices witnessed stability during the trading session today, in the European market within a narrow range of transactions.
Gold prices movement
At exactly 10:20 GMT, gold prices were trading around the level of 1781.25 US dollars an ounce, from today’s opening session-level at 1781.71 dollars, and the highest price was recorded at 1784.09 dollars, while the lowest price was 1773.70 dollars per ounce.
US gold futures also settled unchanged to remain at $ 1780.40 an ounce.
At the end of yesterday’s trading, the precious yellow metal “gold” was able to achieve a rise of 0.25% in the first daily gain during the last three sessions.
Regarding the trading of the US dollar index, the index rose by 0.2% during Tuesday’s session to continue recovery operations for the second day in a row from the lowest level in about two months at 90.68 points recorded in earlier trading, reflecting the renewed purchases of the US currency against most major and minor currencies.
Monetary policy meeting
Financial markets are closely watching, later today, the launch of the activities of the Federal Reserve Board meeting (the US Central Bank), to discuss monetary policies that suit the developments of the largest economic growth in the world, provided that it issues its decisions tomorrow, Wednesday, amid the full possibilities of remaining interest rates without any significant changes to remain At the 0.25% range.
As we know, easing monetary policy adds pressure on US bond yields and benefits gold that does not yield a return.
And due to expectations of high levels of inflation in the United States, the yield of ten-year US Treasury bonds rose to its highest level in 14 months at a rate of 1.774%, before recently retreating to a five-week low at a rate of 1.529%, after the recent statements of Federal Reserve officials And headed by the President of the Council, “Jerome Powell”, during which they stressed that the rise in inflation in the recent period is temporary.
Returning to other precious metals trading, silver fell by 0.2% during spot transactions to trade around 26.17 dollars per ounce, and platinum lost 0.2% to 1240.71 dollars.
Palladium fell 0.1% to $ 2,924.12 an ounce, giving up its all-time high of $ 2,941 recorded on Monday.
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