Placeholder canvas
HomeFinance NewsGold prices near $2,150 before Fed meeting; copper slightly drops (Investing.com)

Gold prices near $2,150 before Fed meeting; copper slightly drops (Investing.com)

Published on

Gold prices eased slightly in Asian trading on Tuesday, staying above crucial support levels as investors remained cautious ahead of a significant Federal Reserve meeting. While bullion prices regained some ground this week, reaching the $2,150 an ounce mark on Monday, concerns over the Fed’s stance continued to weigh on market sentiment. Despite this, gold still remained well below the record highs seen earlier in March.

The strength of the dollar was a key factor putting pressure on gold prices, with traders leaning towards the greenback in anticipation of the Fed meeting and dovish signals from the Bank of Japan. As the Fed meeting approached, the dollar reached a two-week high, raising concerns among investors about any potentially hawkish signals from the central bank. Higher interest rates, resulting from any hawkish stance, could negatively impact gold and other precious metals due to increased opportunity costs associated with investing in the sector.

Meanwhile, copper prices saw a slight decline but remained close to recent peaks, with both copper on the London Metal Exchange and copper futures showing resilience. The rally in copper prices was partly driven by expectations of a supply deficit in Chinese refined copper, leading to a sharp rise. Additionally, stronger-than-expected economic data from China, a major copper importer, further supported the positive momentum in copper prices.

Source link

Latest articles

Bitcoin enters fourth halving with miner’s block subsidy reduced to 3.125 BTC.

Bitcoin's latest halving event has now been completed, reducing miners' block subsidy rewards from...

Anticipated Features in Apple’s M4 MacBook Pro Lineup

Apple is gearing up to release an updated MacBook Pro lineup featuring M4 chips...

Letitia James seeks judge to nullify Trump’s bond in fraud case.

New York Attorney General Letitia James has raised concerns about the validity of the...

Tesla recalls 4,000 2024 Cybertrucks in latest recall.

Tesla is issuing a recall for 3,878 of its 2024 Cybertrucks due to a...

More like this

Bitcoin enters fourth halving with miner’s block subsidy reduced to 3.125 BTC.

Bitcoin's latest halving event has now been completed, reducing miners' block subsidy rewards from...

Anticipated Features in Apple’s M4 MacBook Pro Lineup

Apple is gearing up to release an updated MacBook Pro lineup featuring M4 chips...

Letitia James seeks judge to nullify Trump’s bond in fraud case.

New York Attorney General Letitia James has raised concerns about the validity of the...