Gold flat as investors eye Fed decision

Gold prices remained largely unchanged on Monday, hovering around $2,327 per ounce at (0932 GMT). This comes as investors adopted a cautious approach ahead of key economic data releases and remarks from Federal Reserve Chair.

Investors are now looking for hints about the Fed’s possible rate cut path. Chiar Jerome Powell’s speech on Tuesday, the release of the minutes of the Fed meeting on Wednesday, and the US nonfarm payroll data on Friday will be closely watched.

The recent French elections also influenced market sentiment. The euro’s rise after the far-right’s strong showing in the first round of parliamentary elections likely limited gold’s upside.

Despite the current pause, analysts at Kinesis Money view the recent bounce in gold prices above $2,300 as a positive sign, indicating buyer support at those levels.

Other precious metals saw mixed movement. Silver edged slightly higher 0.2 per cent at $29.19, while platinum dipped 1.1 per cent to $982.05 and palladium rose modestly by 1.3 per cent at $984.75.

Attribution: Reuters