Gold Prices Firm as U.S. Dollar Eases, Fed Meeting Looms

September 19, 2023

by Reuters CNBC.com

Gold prices gained on Monday, helped by a slight pullback in the dollar as investors awaited a series of key central bank policy meetings this week, with the U.S. Federal Reserve widely expected to hit pause on interest rate hikes.

Spot gold was up 0.3% to $1,933.5634 per ounce by 4:24 p.m. EDT. U.S. gold futures gained 0.4% to $1,955.3.

The U.S. dollar slipped 0.2% against its rivals, making gold less expensive for other currency holders.

“The market is becoming very focused on central bank requisitions … the expectations are that they (Fed) will push the higher for longer narrative and that should keep investors concerned,” said Edward Moya, senior market analyst at OANDA.