Gold prices hold above $2,000 as Fed meeting approaches
Investing.com-- Gold prices fell slightly on Monday, but remained above the key $2,000 level as uncertainty over the Israel-Hamas war kept safe haven demand elevated before a Federal Reserve meeting this week.
The yellow metal hit a 5-½ month high last week as continued uncertainty over the Middle Eastern conflict kept investors biased towards traditional safe havens. Israel had over the weekend launched a ground assault on Gaza, with markets waiting to see if any other Arab powers would join the conflict.expiring in December steadied at $2,011.70 an ounce by 00:22 ET . Both instruments remained close to their highest level since mid-May.
But traders expect the Fed to reiterate its stance on higher-for-longer rates, especially as recent data showed that inflation had picked up again, while economic growth remained resilient.data, due on Friday, is expected to factor into this outlook. Strength in the U.S. economy also gives the Fed more headroom to keep rates higher.
Higher rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. This notion had battered gold prices over the past year, as global interest rates rose.But gains in copper are still likely to be limited, as anticipation of the Fed meeting keeps risk appetite weak.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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