Spot gold was down 0.6% at $1,967.17 an ounce, and US gold futures were down 0.6% at $1,970.30. What is expected about rates?
He gold It was down for a second day in a row on Tuesday, having broken above $2,000 an ounce in the last session, as investors turned their attention from the banking crisis to the interest rate decision of theFederal Reserve US.
Spot gold was down 0.6% at $1,967.17 an ounce, and US gold futures were down 0.6% at $1,970.30. The gold metal reached $2,009.59 an ounce on Monday, its highest since March 2022, before falling back to $1,978.71.
The bullion has gained more than $100 following the collapse of US bank Silicon Valley earlier in the month, as investors scrambled for safety in the asset.
European stocks were up almost 1%, with bank stocks leading the recovery, after a series of measures to stabilize the sector, while investors waited for less aggressive moves by the Fed.
Michael Hewson, chief market analyst at CMC Markets, said there was some caution about the Fed’s rate decision. “A modest rise could catalyze further gains towards $2,000 an ounce, but there would need to be clear evidence that the gains have come to an end for (gold) prices to reach all-time highs,” he said.
The dollar, meanwhile, was up 0.1%, making bullion less attractive to foreign buyers. The 10-year US Treasury yield also rose. In other precious metals, spot silver was down 0.6% at $22.39 a on
Source: Ambito
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