Metal trades in tight range with markets wary of Federal Reserve tapering monetary support
Bengaluru — Gold traded in a tight range on Tuesday, pinned below the $1,800 psychological level, as investors focused on this week’s Federal Reserve meeting for clues about when the central bank might rein in its easy monetary policies.
The dollar index held steady just below recent peaks. The greenback has been rising broadly for more than a month as markets are wary of the Fed starting to taper its monetary support. The two-day meeting will start on Tuesday and a policy statement will be issued at 6pm GMT on Wednesday, followed by a news conference by Fed chair Jerome Powell. Investors will be looking at how the Fed responds to fast-rising prices while facing increasing threat posed by the more contagious Delta variant of the coronavirus.
In the medium term, gold prices will have more room to go up if central banks continue to implement their accommodative monetary policies, she said. Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.
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