Gold price falls back marginally from five-month high as focus shifts to Fed policy. The Fed is widely expected to keep interest rates unchanged in the 5.25-5.50% range. Escalating Israel-Palestine war keep bullions’ demand firmer. n cautious on expectations that the Federal Reserve will keep its doors open for further policy tightening and maintain the dialogue of ‘higher for longer interest rates’. The near-term outlook for bullion remains upbeat amid deepening Middle East tensions.
In addition to the Fed’s monetary policy decision, investors would look for ADP Employment Change and the ISM Manufacturing PMI for October, which will be published on Wednesday. The release of the US factory data will be of utmost importance. A survey from S&P Global showed last week that the US Manufacturing PMI met the 50.0 threshold for the first time after 11 months. 50 is the threshold distinguishing expansion from contraction.
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