Gold Holds Steady Ahead Of Fed Meeting

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Gold prices held steady on Tuesday despite stronger dollar and higher yields.

Spot gold edged up 0.1 percent to $1,733.07 per ounce, while U.S. gold futures were up 0.2 percent at $1,732.15.

The dollar maintained slight gains and U.S. Treasury yields edged up as investors await a U.S. Federal Reserve meeting for clues to the Fed’s stance on the issue of rising bond yields.

The Fed is widely expected to leave interest rates unchanged on Wednesday, but traders will be paying close attention to any changes to the accompanying statement.

Some traders are hoping the Fed will address the recent spike in bond yields, which has led to considerable volatility in Wall Street in recent sessions.

The Bank of England meets on Thursday, while the Bank of Japan wraps up a two-day gathering on Friday.

On the data front, trading later in the day may be impacted by reaction to U.S. reports on retail sales, industrial production and homebuilder confidence.

The material has been provided by InstaForex Company – www.instaforex.com

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