Gold holds near one-week high ahead of Fed decision
Gold is trading around $4,340 an ounce on Wednesday, near a one-week high, after gaining more than 6% over the previous four sessions.
Two forces are behind the move. Markets are weighing a reported US-Iran agreement to reopen the Strait of Hormuz, which would ease the energy-driven inflation fears that had supported safe-haven demand, against caution ahead of tonight’s Federal Reserve decision. Neither Washington nor Tehran has yet released the text of the agreement, leaving investors wary.
The Fed is widely expected to hold rates, in the first meeting chaired by Kevin Warsh, who took over from Jerome Powell last month.
The post In Brief: Gold holds near one-week high ahead of Fed decision first appeared on LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis.
