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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Markets 2 MIN READ

Gold trades narrow range as Fed verdict draws near

July 24, 2023By Reuters
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July 24 (Reuters) – Gold prices traded in a tight range on Monday as traders braced for a widely anticipated interest rate hike along with clues on future monetary policy from the Federal Reserve this week.

Spot gold was mostly unchanged at USD 1,959.00 per ounce by 1:57 p.m. EDT (1757 GMT). US gold futures settled 0.2% lower at USD 1,962.20.

“Gold is slow and steady, with traders betting that the Fed is getting close to their point where they stop hikes,” said Bob Haberkorn, senior market strategist at RJO Futures.

Bullion may have found some safe-haven demand after Russia destroyed Ukrainian grain warehouses on an export route for Kyiv after pulling out of the Black Sea grain deal last week, Haberkorn added.

But the focus was still on the Fed’s decision on interest rates on Wednesday, followed by the European Central Bank on Thursday, with both seen hiking rates.

Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion.

“Any dovish surprise, particularly from the Fed, could be positive for gold, with good chances of seeing a new attack to the USD 2,000 mark,” said Carlo Alberto De Casa, market analyst at Kinesis Money, in a note.

The dollar index inched 0.2% higher, limiting gold’s upside by making it more expensive for holders of other currencies.

Gold priced in euros hit its highest since July 5 earlier in the day after data showed euro zone business activity shrank much more than expected in July.

Silver fell 0.7% to USD 24.39 per ounce, platinum slipped 0.1% to USD 961.01 and palladium dropped 1% to USD 1,277.84.

UBS analysts in a note predicted platinum would be under-supplied for the rest of 2023 due to substitution in autocatalysts and lower South African production.

(Reporting by Deep Vakil in Bengaluru; editing by Barbara Lewis and Krishna Chandra Eluri)

 

This article originally appeared on reuters.com

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