{"id":20600,"date":"2023-09-19T16:59:47","date_gmt":"2023-09-19T16:59:47","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/gold-prices-end-at-a-more-than-2-week-high-as-september-fed-meeting-looms\/"},"modified":"2023-09-19T16:59:48","modified_gmt":"2023-09-19T16:59:48","slug":"gold-prices-end-at-a-more-than-2-week-high-as-september-fed-meeting-looms","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=20600","title":{"rendered":"Gold prices end at a more than 2-week high as September Fed meeting looms"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002515192\" role=\"document\">\n<p>Gold prices settled Monday at their highest in more than two weeks, finding some support from weakness in the U.S. dollar ahead of a Federal Reserve decision on monetary policy later this week.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.04%<\/bg-quote><\/p>\n<p>        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       climbed by $7.20, or 0.4%, to settle at $1,953.40 an ounce on Comex. That\u2019s the highest most-active contract finish since Sept. 1, FactSet data show. <\/p>\n<\/li>\n<li>\n      Silver futures for December delivery<br \/>\n        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"negative\">-0.35%<\/bg-quote><\/p>\n<p>        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.35%<\/bg-quote><br \/>\n       added 11 cents, or 0.5%, to close at $23.50 an ounce. <\/p>\n<\/li>\n<li>\n      Platinum futures for October<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.95%<\/bg-quote><br \/>\n       gained $8.80, or nearly 1%, to $938.30 an ounce, while palladium futures<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+1.85%<\/bg-quote><br \/>\n       shed $8.70, or 0.7%, to $1,244 an ounce. <\/p>\n<\/li>\n<li>\n      Copper for December delivery<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.85%<\/bg-quote><br \/>\n       shed 0.6% to settle at $3.78 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold has been holding its ground, digesting prior gains, while \u201coutside fundamental pressures,\u201d such as strength in Treasury yields and strength in the U.S. dollar \u201cfail to decisively push prices down,\u201d said Adam Koos, president at Libertas Wealth Management Group. \u201cThis is a positive for gold, in my book.\u201d <\/p>\n<div class=\"paywall\">\n<p>Gold futures edged up by 0.2% last week. <\/p>\n<p>Inflation is becoming less of a factor as disinflation continues to be the \u201cnew normal,\u201d said Koos. So, while the Fed decision on Wednesday is surely going to make an impact, and while [Fed Chariman] Jerome Powell could surely hike rates another 0.25% with rhetoric that leans toward continued \u2018caution,\u2019 we all know that someday \u2014 whether that\u2019s this week or sometime later this year \u2014 the Fed is going to stop tightening and their plan is going to shift to one of \u2018what\u2019s next\u2019.\u201d<\/p>\n<p>What\u2019s next is likely a period of \u201cmarket normalcy, where the markets act on their own, as opposed to being swayed by the invisible hand,\u201d followed by a time some point in the future \u2014 perhaps even 2024, when the Fed starts cutting rates again,\u201d Koos said. That would \u201ccertainly be good for gold futures.\u201d<\/p>\n<p>The Fed\u2019s two-day September policy meeting concludes on Wednesday. The central bank is expected to leave interest rates on hold. <\/p>\n<p><strong>Read:<\/strong> 4 things to watch for at this week\u2019s Fed policy meeting<\/p>\n<p>Against that backdrop, the ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength against a basket of rivals, was down 0.3% at 105.04 in Monday dealings.<\/p>\n<p>Month to date, gold prices have moved marginally lower, \u201cprimarily reflecting the uptrend in U.S. real yields, although it remains roughly 6% higher over 2023,\u201d analysts at ICICI Bank wrote in a recent research note. <\/p>\n<p>\u201cWith markets pricing in a \u2018soft-landing\u2019 scenario for the U.S. economy\u2026we see limited downside in U.S. yields that will ensure that gold prices trade with a downside bias in 2023,\u201d they said.<\/p>\n<p>Still, \u201ca reversal in gold prices is possible if the FOMC pivots to a neutral regime and prepares markets for possible rate cuts\u201d the second quarter of 2024 onwards,\u201d the ICICI Bank analysts said. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-tick-higher-as-september-fed-meeting-looms-420959b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled Monday at their highest in more than two weeks, finding some support from weakness in the U.S. dollar ahead of a Federal Reserve decision on monetary policy later this week. Price action Gold futures for December delivery GCZ23, -0.04% GC00, -0.04% climbed by $7.20, or 0.4%, to settle at $1,953.40 an ounce<\/p>\n","protected":false},"author":1,"featured_media":10431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-20600","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices end at a more than 2-week high as September Fed meeting looms | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Gold prices settled Monday at their highest in more than two weeks, finding some support from weakness in the U.S. dollar ahead of a Federal Reserve\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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