Spot gold was flat at $1,663.68 per ounce, while US gold futures were also trading flat at $1,671.90
Bengaluru — Gold prices on Wednesday lingered near their lowest level since April 2020, as investors prepared for the likelihood of another supersized interest-rate hike from the Federal Reserve in its effort to tackle inflation.
The Fed will release its policy decision at 6.00pm GMT on Wednesday, followed by chair Jerome Powell’s press conference. Rate futures traders are pricing in an 81% chance of another 75-basis-point hike and a 19% probability of a 100 bps increase. “For gold presently, the market is treading water until the Fed policy decision and then will likely respond with a heightened level of volatility before more likely re-trending positively as investors seek to put money to work.”
Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund , fell 4.63 tonnes on Tuesday, their biggest one-day outflow since July 18.
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