2023-09-20 01:49:57
Gold prices fell on Wednesday following hitting a two-week high last session, as traders await policy decision from the US Federal Reserve for an updated outlook on the economy and the monetary tightening trajectory.
FUNDAMENTALS
* Spot gold fell 0.1% to $1,928.79 an ounce by 0111 GMT, following hitting its highest level since September 5 on Tuesday. U.S. gold futures fell 0.2% to $1,950.
* As Treasuries waver ahead of the Fed’s results, some investors are buying the weakness, confident that a spike in interest rates will eventually boost the U.S. government debt market.
* Treasury Secretary Janet Yellen said U.S. growth needs to slow to a pace more in line with its potential rate to bring inflation back to target levels, given that the economy is operating at full employment.
* U.S. home construction fell to its lowest level in more than three years in August.
* The Asian Development Bank (ADB) said economic growth in developing Asia this year will be slightly weaker than expected, as weakness in China’s real estate sector and El Niño risks cloud the regional outlook .
* The SPDR Gold Trust, the largest gold-backed exchange-traded fund, said its holdings fell 0.2% on Tuesday.
* Swiss gold exports rose 7.3% in August from July, as higher deliveries to India and China offset lower deliveries to Turkey, customs data showed.
* Chinova Resources, a unit of Shanxi Donghui Energy Group, has put its Australian copper and gold operations up for sale and hopes to complete the deal this year, a director at adviser BurnVoir Corporate Finance, which handles the sale.
* Spot silver fell 0.4% to $23.14 an ounce, platinum fell 0.4% to $935.45 and palladium rose 0.1% to 1,260. 86 dollars.
DATA/EVENTS (GMT)
US FOMC announces interest rate decision followed by press release – 1800 GMT
US Fed Chairman holds press conference – 1830 GMT (Reporting by Swati Verma in Bengaluru; Editing by Rashmi Aich)
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