Gold lingers near record as dollar, yields firm ahead of Fed verdict
Gold eased slightly on Tuesday after climbing to an all-time high in the previous session as dollar and Treasury yields edged higher, while traders positioned themselves for a potential U.S. interest rate cut decision by the Federal Reserve this week.
Spot gold fell 0.2% to $2,577.20 per ounce after scaling an all-time high of $2,589.59 on Monday. U.S. gold futures eased 0.2% at $2,604.8.
The spotlight in the financial realm is on the Fed's two-day policy meeting that concludes on Wednesday. Markets are now pricing in a 65% chance of a 50-basis-point cut versus 34% a week ago, according to the CME FedWatch tool.
The financial markets have priced in a bigger chance that the Fed will move more aggressively. This would be the Fed's first rate cut since 2020.
Spot silver rose 0.5% to $30.92 per ounce after hitting a two-month high on Monday.
Platinum rose 0.4% to $984.45. Palladium gained 1.7% to $1,095.75.
Source: Reuters
