Author of the article:
Gold prices were flat on Tuesday, as market participants held back from making large bets ahead of the U.S. Federal Reserve policy decision.
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
A welcome email is on its way. If you don’t see it, please check your junk folder.
The next issue of Financial Post Top Stories will soon be in your inbox.
We encountered an issue signing you up. Please try again
* Spot gold held its ground at $1,922.26 per ounce, as of 0032 GMT. U.S. gold futures were down 0.1% at $1,921.40.
* Traders mostly expect the U.S. central bank to scale back rate hikes to 25 basis points (bps) at its two-day policy meeting that ends on Wednesday.
* Low interest-rate environment decreases the opportunity cost of holding non-yielding bullion.
Create an account or sign in to continue with your reading experience.
Don’t have an account? Create Account
* Investors are pricing in a 50-bps rate hike from the Bank of England (BoE) and the European Central Bank (ECB), which also have policy meetings this week.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 917.05 tonnes on Monday.
* China’s fiscal revenue rose 0.6% in 2022 from a year earlier, slowing sharply from a 10.7% increase in 2021 due to huge tax rebates for businesses to support the COVID-ravaged economy, data from the finance ministry showed on Monday.
* Spot silver lost 0.2% to $23.56 per ounce, platinum was steady at $1,009.04, and palladium dipped 0.2% to $1,635.48.
0030 Australia Retail Sales MM Final Dec
0130 China NBS Manufacturing PMI Jan
0630 France GDP Preliminary Q4
0745 France CPI (EU Norm) Prelim YY Jan
0745 France Producer Prices YY Dec
0855 Germany Unemployment Chg SA Jan
0855 Germany Unemployment Rate SA Jan
0100 EU GDP Flash Prelim Q4
0900 Germany CPI Prelim YY Jan
0900 Germany HICP Prelim YY Jan
WASHINGTON, D.C. – U.S. Federal Reserve’s FOMC starts its two-day meeting on interest rates (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips)
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.
365 Bloor Street East, Toronto, Ontario, M4W 3L4
© 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.