2024-01-31T09:02:04+00:00
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/ Gold prices are heading towards recording the first monthly decline in four months on Wednesday, as investors reduce their bets on rapid and large cuts in US interest rates in light of the strength of the economy, ahead of the US Federal Reserve’s decision on monetary policy later today.
Spot gold was steady at $2,036.10 an ounce by 07:19 GMT, after hitting a two-week high of $2,048.12 in the previous session. Prices have fallen 1.3% since the start of the month.
US gold futures rose 0.1% to $2,033.30.
The dollar index is on track for its best month since September 2023, with gains of more than 2% so far in January.
The two-day Federal Open Market Committee meeting ends later today. While the US central bank is expected to leave interest rates unchanged, markets are awaiting Chairman Jerome Powell’s press conference at 19:30 GMT for clues on future rate cuts.
Among other precious metals, spot silver fell 0.4% to $23.07 an ounce, while platinum fell 0.3% to $918.36 and palladium was flat at $976.07. All three metals are headed for monthly declines.