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gold rate today: Gold prices hovers near week-high after Fed Chair Powell s statement

The Fed raised interest rates by a quarter-of-a-percentage point on Wednesday, setting the benchmark overnight interest rate in the 5.25%-5.50% range, and highlighting that another 25 bps hike could be possibly at the September meeting based on a wide range of data.

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PRECIOUS-Gold prices hovers near week-high after Fed Chair Powell s statement

PRECIOUS-Gold prices hovers near week-high after Fed Chair Powell s statement
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Gold holds below key $1,800 level as investors eye Fed meet

Article content Fed officials are likely to affirm after their two-day meeting that a strong U.S. recovery and their planning for an eventual policy shift both remain underway. Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement. According to a Reuters poll, global economic growth prospects are holding strong for this year and next, however, majority of economists warned new variants of the coronavirus pose the biggest risk to that outlook. Net gold imports of gold into the world’s biggest bullion consumer China via Hong Kong jumped nearly 42% last month after a slump in May, data showed on Monday.

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PRECIOUS-Gold holds below key $1,800 level as investors eye Fed meet

By Reuters Staff 2 Min Read July 27 (Reuters) - Gold prices were steady on Tuesday, pinned below the key $1,800 per-ounce level, as investors turned cautious ahead of this week’s U.S. Federal Reserve meeting outcome for clues on when the central bank might rein in its easy monetary policies. FUNDAMENTALS U.S. gold futures fell 0.1% to $1,797.80 per ounce. The dollar index was steady and hovered just below recent peaks on Tuesday. The greenback has been rising broadly for more than a month as markets are wary of the Fed starting to taper its monetary support. Fed officials are likely to affirm after their two-day meeting that a strong U.S. recovery and their planning for an eventual policy shift both remain underway.

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