© Archyde.com. Gold bars in a safe inside a center selling precious metals in Munich, Germany. Photo from the Archyde.com archive.
(Archyde.com) – They rose on Tuesday as the US dollar and bond yields tumbled, although investors were cautious as markets awaited policy expectations from the Federal Reserve’s two-day meeting that begins in later on Tuesday.
And it rose in spot trading by 0.5% to $ 1641.43 an ounce by 0548 GMT, following earlier touching its lowest level since October 21.
US gold futures rose 0.1 percent to $1,642.20 an ounce.
And it fell 0.4 percent, which strengthened the attractiveness of gold to buyers outside the United States, while the 10-year benchmark yields also fell.
Stephen Innes, managing partner at SBI Asset Management, said comments at the press conference following the Fed meeting may set gold’s next move in the $25-$50 range.
At the end of the two-day monetary policy meeting that ends on Wednesday, the central bank is expected to decide a fourth consecutive increase of 75 basis points in interest rates, and a debate is expected in the bank over when to switch to lower increases.
Gold prices have fallen regarding 12 percent since they crossed the $2,000 an ounce level in March, at a time when the US Federal Reserve raised interest rates at a rapid pace.
As for other precious metals, it rose in spot trading by 1.9 percent to $ 19.50 an ounce, and platinum rose 0.8 percent to $ 932.99, and it increased by 1.3 percent to $ 1865.40.
(Prepared by Moataz Mohamed for the Arabic Bulletin)