Gold prices traded slightly higher early Tuesday but remained within their recent tight trading range around $2,000 an ounce as the yellow metal entered what one analyst called “a period of consolidation” ahead of Wednesday’s Federal Reserve policy decision.
Price action
-
Gold futures for June
GC00,
+0.21% GCM23,
+0.21%
were up $4.40, or 0.2%, at $1,996 per ounce on Comex. -
Silver futures for July
SI00,
-1.13% SIN23,
-1.13%
were down 25 cents, or 1%, at $24.97 per ounce. -
Platinum futures for July
PLN23,
-0.78%
fell by $2.30, or 0.2%, to $1,062 per ounce, while palladium futures
PAM23,
-0.37%
declined by $2.30, or 0.2%, to $1,444 per ounce. -
Copper futures for July
HGN23,
-1.49%
shed 3 cents, or 0.7%, to $3.905 per pound.
Market drivers
After a handful of major central banks held policy meetings over the past week, all eyes are now on the Federal Reserve as traders await the outcome of Wednesday’s policy decision, statement and press conference.
“Gold has gone into consolidation in the run-up to tomorrow’s FOMC decision as traders await the latest views from the central bank in light of recent data and the fallout from the mini-banking crisis,” said Craig Erlam, senior market analyst at OANDA.
