© Reuters.
Investing.com – The yellow metal’s losses widened during trading today, Tuesday, despite the weakness in the dollar, as markets await the results of a meeting during the day and tomorrow, Wednesday.
So far, the markets are expecting the US Federal Reserve to take a decision to increase interest rates within the range of 25 basis points, after the recent increase, which came by 50 basis points, amid expectations of a continued slowdown in the pace of interest rates.
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gold now
During these moments of today’s trading, futures contracts for the yellow metal fell by 0.85%, down to levels near $1906 an ounce.
While the spot contracts for gold decreased by US dollars by 0.90%, down to levels near $ 1906 an ounce, during trading today, Tuesday.
dollar now
Despite gold’s decline, the dollar was not in a better position in light of expectations of a slowdown in tightening, as it declined slightly near the levels of 102.2 points, down 0.05% against the basket of major currencies.
Meanwhile, the 10-year yield fell to 0.011 points, down to 3.52% levels during these moments.
interest rates
At the end of the Fed meeting, today and tomorrow, traders are widely expected that the US central bank will taper its interest rate increases to 25 basis points from 50 basis points in December.
“It’s currently range bound ahead of the Fed meeting,” said Ilya Spivak, head of global macro at Tatsi Live.
“The main focus will be on the tone that the Federal Reserve Chairman, Jerome Powell, will speak in his speech,” added global head of macro at Tatsi Live.
impressive data
Last Friday’s data showed that US consumer spending fell in December, while inflation continued to fall; This may give the Federal Reserve further slowdown in the pace of interest rate hikes.
In conjunction with the US Federal Reserve meeting, the European Central Bank and the Bank of England will hold policy meetings this week.
price forecast
Spot gold is likely to break the support at $1919 and fall in the range of $1883 to $1905 an ounce, according to Reuters technical analyst Wang Tao.
As the Chinese economy continues to open up, there will be greater industrial and luxury demand for gold, said Clifford Bennett, chief economist at ACC Securities.
The Chinese Center for Disease Control and Prevention said that the current wave of corona infections in China is coming to an end, and there was no significant recovery in cases during the Lunar New Year holiday.
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