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Gold prices steadied as eyes are on Fed's next meeting

By Rana Gharib
30 Jan,2023
Gold prices steadied as eyes are on Fed's next meeting

Gold Prices traded flat on Monday where traders are awaiting Fed's stance regarding the interest rate hikes that will be more evident during their next meeting scheduled on Wednesday, while worries are still lingering on the possible global recession.

Projections are hovering around the chance of eased interest rate hike at 25 bps from Fed's side.

Spot gold advanced by 0.1% to $1,929.95 per ounce, while gold futures muted at $1,928.64 per ounce.

Aggressive rate hikes will mostly be a headwind for the yellow metal. Eyes this week are also on the nonfarm payroll figures.

Another anticipated figures are the economic growth figures for the Q4 that is due to release during the next couple of days.

Gold leveraged the mounting worries of possible slowdown in the economy worldwide, as traders gave up on the greenback amid projections of eased rate hikes.

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