Gold Prices Edge Higher as Dollar Rally Pauses Ahead of Fed Meeting

Gold Prices Edge Higher as Dollar Rally Pauses Ahead of Fed Meeting By

Breaking News


EditorVenkatesh JartarkarCommodities

Published Sep 18, 2023 02:45PM ET

(C) Reuters

Gold prices experienced a modest increase on Monday, continuing the upward trend from the previous week. This comes as the U.S. dollar rally, which has previously exerted downward pressure on the value of the precious metal, appears to be stabilizing in anticipation of an upcoming Federal Reserve policy meeting.

In the early U.S. trading session on Monday, both gold and silver prices saw a slight rise. This muted movement in precious metals markets is largely attributed to Japanese traders being on holiday and global investors awaiting remarks from Federal Reserve Chairman Jerome Powell.

The Federal Reserve’s two-day policy meeting for September is set to conclude this Wednesday. Market participants widely anticipate that the central bank will maintain steady interest rates.

Meanwhile, the ICE U.S. Dollar Index DXY, a measure of the strength of the U.S. dollar against a basket of competitor currencies, remained stable at 105.34. The pause in the dollar’s rally seems to be contributing to the early-week stability in precious metals markets, as investors await key monetary policy decisions from the Federal Reserve.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Gold Prices Edge Higher as Dollar Rally Pauses Ahead of Fed Meeting

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

About the author