Gold Was Calm On The Verge Of FED's Decision

Gold was calm on the verge of FED’s decision. Precious metal moved horizontally before the two-day meeting.

Gold started the day with a horizontal motion before the two-day FED (US Federal Reserve) meeting and US economic data. Gram gold, on the other hand, followed the decline in USD/TL exchange rate along with the horizontal motion in global gold prices. FED Chairman Jerome Powell will share his latest assessment of interest rates in the US in his speech after the meeting on Wednesday. Powell and central bank members had told investors that there would be no change in the bank's language regarding inflation and interest rate expectations. Expecting the gold to consolidate before the Fed meeting, but stating that the earnings will likely be limited due to increasing Treasury bond interest rates, Philip Futures Senior Commodity Strategist Avtar Sandu said that they will follow closely how Powell will answer investor questions. US Treasury bond interest is 1.57 percent.

Ounce Gold

Ounce gold, which completed the last week with a slight increase, closed the third week in a row with gain. Although ounce of gold completed the first quarter of the year with a loss, it has been gaining since April. Ounce gold, which makes the beginning of the week at the level of $ 1,775, is progressing steadily in a narrow band before the FED meeting. Ounce gold stands around $ 1,780 on Tuesday.

Gram Gold

Gram gold, which started last week around 461 TL, completed the week around 480 TL as a result of the increase in USD/TL exchange rate and global gold prices. Gram gold, which started the new week around 482 TL, followed the decrease in USD/TL rate and decreased to 474 TL.