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U.S. Dollar Steady Ahead of Fed Decision, Australian Dollar Falls After Inflation Data
The U.S. dollar held near a one-month high on Wednesday as tensions in the Middle East escalated again and markets awaited the Federal Reserve’s key interest-rate decision later in the day. The U.S. Dollar Index traded near 101.38, while USD/JPY stood around 163.74, close to a 40-year high.
The Fed May Keep Policy Unchanged Until September as Gold Continues to Consolidate
Gold prices may remain range-bound for the next three to six months, as the Federal Reserve is unlikely to make any major policy changes before its September meeting.
Gold May Consolidate Around $4,000 Before Moving Toward $5,000
Gold prices are expected to remain near $4,000 per ounce for the rest of the summer as markets wait for clearer guidance from the Federal Reserve on the direction of monetary policy.
U.S. Dollar Hits One-Month High as Fed Rate-Hike Risk Lingers
The U.S. dollar held near a one-month high on Tuesday as traders continued to weigh the possibility of a surprise interest-rate increase at the Federal Reserve’s upcoming meeting. The U.S. Dollar Index edged up 0.03% to 101.55. The euro slipped to $1.1366, sterling eased to $1.3284, while the dollar rose to 163.82 yen.
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Gold Holds Above $4,000 as Oil Prices Fall and Markets Await the Fed
Gold prices remained above $4,000 per ounce as oil prices declined sharply, U.S. Treasury yields eased and investors awaited the Federal Reserve’s interest-rate decision. Following Monday’s trading session, spot gold gained 0.59%, while silver traded near $58.29 per ounce, up 0.45%.
Gold Rises More Than 1% as U.S.-Iran Fighting Pauses and Fed Decision Looms
As of 02:00 GMT, spot gold rose 1.4% to $4,110.56 per ounce, while U.S. gold futures gained 1% to $4,112.10 per ounce. The U.S. Dollar Index fell 0.3%, making dollar-denominated metals more affordable for buyers using other currencies.
Dollar Retreats as U.S.-Iran Attacks Pause and Oil Prices Fall
The U.S. dollar weakened against major currencies at the start of Asian trading on Monday after the United States temporarily paused its bombing campaign in Iran over the weekend. The move pushed oil prices lower and improved global risk sentiment.