Mild price pressure on gold, silver ahead of Fed decision gold silver Fed
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
The U.S. data point of the week is the Federal Reserve Open Market Committee meeting that begins Tuesday morning and ends Wednesday afternoon with a statement. Most believe the Fed will raise the key U.S. interest rate by 0.25%, following the recent 0.5% rate hikes. Trading in stock and financial markets may be more muted just ahead of the FOMC statement and press conference by Fed Chairman Jerome Powell Wednesday afternoon.
In overnight news, China got some upbeat economic data Tuesday. Official readings on manufacturing and services improved sharply. The services purchasing managers’ index rose to 54.0 in January from 39.4 in December. The manufacturing PMI rose to 54.4 from 41.6 in December. Readings above 50.0 suggest growth in the sector.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are slightly down and trading around $77.50 a barrel. Oil traders are awaiting an OPEC-plus cartel meeting Wednesday. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching around 3.53%.
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