Gold price movement could pick up once FOMC meeting is history
NEW YORK (Scrap Register): Price movement in gold could pick up once this week’s two-day meeting of the U.S. Federal Open Market Committee is over, said INTL FCStone in a snippet.
Policymakers are expected to hike interest rates again on Wednesday, but investors will be watching Fed commentary for clues on how aggressive tightening will be in the future. Gold has been range-bound lately.
“One market that has yet to move for some time now is gold; prices remained stuck around the $1,300 mark, although both palladium and silver are doing better, now hovering close to a two-month highs,” INTL FCStone added.
Similar to gold, platinum remains adrift as well, but the whole complex could see more direction once the Fed meeting is out of the way, the firm noted.