Gold futures edge up ahead of Fed outcome
On Wednesday, gold futures went up as market participants looked ahead to the Fed’s rate verdict a bit later this day.
The Fed is mostly expected to leave its interest rates intact.
Many financial analysts anticipate the overall pace of rate leaps to be gradual amid worries as for global economic growth as well as divergent monetary policies between American and other nations.
This year market players expect one more rate surge. Most probably it will take place in December. In general, the Fed foresees four rate hikes this year.
Besides the Fed, traders pay attention to US trade deficit data as well as pending home sales to be issued later today.
In New York, June delivery gold futures went up 0.33%, trading at $1,247.50.
By the way, yesterday gold grew 0.26%, powered by a softer greenback and downbeat US economic data.
Apart from that, the US dollar index, traditionally employed to measure the evergreen buck’s strength against six key currencies stuck to 94.41.