Gold rises ahead of Fed's policy meeting

By Xu JingUnreguser
  • World
  • Wednesday, 07 Jun 2023

CHICAGO, June 6 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as traders took positions ahead of the Federal Reserve's monetary policy meeting next week.

The most active gold contract for August delivery rose 7.20 U.S. dollars, or 0.36 percent, to close at 1,981.50 dollars per ounce.

Investors are assessing the outlook for interest rates ahead of the Federal Reserve's policy meeting on June 13-14. More clear direction for interest rate from the Federal Reserve could set tone for gold, market analysts hold.

Market expectation for a rate hike in June is falling, while that for a rate hike at Fed's July meeting is rising.

Market analysts are expecting a lasting correction of gold market after the Federal Reserve's interest rate decision at the June meeting.

Silver for July delivery rose 3.50 cents, or 0.15 percent, to close at 23.67 dollars per ounce. Platinum for July delivery rose 2.30 dollars, or 0.22 percent, to close at 1,038.70 dollars per ounce.

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