Gold Steady After Rally as Traders Look Toward Fed Meeting
- A three-quarter point rate hike widely predicted at Fed meet
- Interest rate increases look set to continue in main economies
This article is for subscribers only.
Gold held gains after bouncing back above $1,700 an ounce as traders examined the latest Federal Reserve comments for indications on the magnitude of forthcoming interest-rate hikes.
Bullion rallied 1% on Wednesday after dipping below $1,700 -- a threshold rarely breached since the start of the pandemic in 2020. That rebound came as a gauge of the greenback’s strength fell from an all-time high. Still, interest rate increases look set to continue in most major economies, apart from China.