Gold flat ahead of Fed meeting for direction on rate hikes

Precious Metals: Gold flat ahead of Fed meeting for direction on rate hikes - Reuters

24/1/2022 6:07:00 AM

Precious Metals: Gold flat ahead of Fed meeting for direction on rate hikes - Reuters

BENGALURU (Jan 24): Gold was little changed on Monday (Jan 24) as investors awaited the US Federal Reserve's (Fed) meeting for confirmation of its interest rate hike path, while concerns over inflation and Russia-Ukraine tensions kept bullion's safe-haven allure intact.Spot gold was flat at US$1,833.36 (about RM7,672) per ounce by 0034 GMT. US gold futures were up 0.2% at US$1,834.70.The Fed will tighten monetary policy at a much faster pace than thought a month ago to tame persistently high inflation, now viewed by

BENGALURU (Jan 24): Gold was little changed on Monday (Jan 24) as investors awaited the US Federal Reserve's (Fed) meeting for confirmation of its interest rate hike path, while concerns over inflation and Russia-Ukraine tensions kept bullion's safe-haven allure intact.

Spot gold was flat at US$1,833.36 (about RM7,672) per ounce by 0034 GMT. US gold futures were up 0.2% at US$1,834.70.The Fed will tighten monetary policy at a much faster pace than thought a month ago to tame persistently high inflation, now viewed by economists polled by

Read more: The Edge Malaysia »

A BENGALURU (Jan 24): Gold was little changed on Monday (Jan 24) as investors awaited the US Federal Reserve's (Fed) meeting for confirmation of its interest rate hike path, while concerns over inflation and Russia-Ukraine tensions kept bullion's safe-haven allure intact. Spot gold was flat at US$1,833.36 (about RM7,672) per ounce by 0034 GMT. US gold futures were up 0.2% at US$1,834.70. The Fed will tighten monetary policy at a much faster pace than thought a month ago to tame persistently high inflation, now viewed by economists polled by Reuters as the biggest threat to the US economy over the coming year. The US central bank's Federal Open Market Committee is scheduled to meet on Tuesday and Wednesday. Gold is generally seen as an inflationary hedge, but it is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-interest-bearing bullion. Benchmark US 10-year Treasury yields dropped last Friday, reducing the opportunity cost of holding non-interest-bearing bullion. Russia will face severe economic sanctions if it instals a puppet regime in Ukraine, a senior British minister said on Sunday, after the UK accused the Kremlin of seeking to instal a pro-Russian leader there. Gold was sold at a discount in India last week as a rise in domestic prices dulled demand and jewellers looked ahead to the country's annual budget, while the upcoming Lunar New Year spurred demand in other key Asian centres. Spot silver was flat at US$24.23 an ounce. Palladium fell 0.3% to US$2,101.56 and platinum was up 0.2% at US$1,031.43. Subscribe to Mid-day email alert We deliver news to your inbox daily