Metals Stocks: Gold struggles for direction ahead of Fed meeting


Gold futures were little changed Tuesday ahead of the start of a two-day meeting of Federal Reserve policy makers.

Gold for June delivery


was up $2.50, or 0.1%, at $1,782.60 an ounce on Comex. May silver

rose 9.1 cents, or 0.3%, to $26.30 an ounce.

Fed Chairman Jerome Powell “is not expected to rock the boat either regarding interest rate expectations or by focusing too heavily on the recent rise in yields,” said Sophie Griffiths, market analyst at Oanda, in a note.

The two-day Fed meeting, which concludes Wednesday afternoon, is expected to see policy makers maintain their stance that they can wait until 2024 for U.S. interest rate increases, and say that it is too early to even start talking about tapering its $120 billion per-month in asset purchases, otherwise known as quantitative easing.

“Investors will be listening closely for hints regarding the recovery in employment or any rise in inflation. A more upbeat-sounding Fed could see the precious metal ease lower,” Griffiths said.

Read: Why the Fed’s focus on those hardest-hit by the pandemic matters for markets

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