Gold reversed course and rose on Wednesday, as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets.
Volatility is expected over the coming days ahead of the Fed meeting, said Craig Erlam, senior market analyst at OANDA.
Markets put a 57.9% chance on the Fed raising its benchmark rate by 25 basis points at its March 21-22 policy meeting, and a 42.1% probability of rates being held at current levels. Gold is traditionally considered a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset.
In the run up to the meeting, gold will likely range between strong resistance at $1,915 and support at $1,809, ActivTrades' Evangelista said. Spot silver rose 0.3% to $21.76 per ounce, platinum was 1.9% lower at $964.10 and palladium lost 3.9% to $1,447.91.Our Standards:
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