Gold was firm today having recovered from over a two-week low hit in the previous
session, as traders waited to gauge the path of U.S. monetary policy for the rest of the
year from the two-day Federal Reserve meeting that kicks off later in the day.
Higher interest rates tend to boost the U.S. dollar and push bond yields up, pressuring gold prices by increasing the opportunity cost of holding non-yielding bullion, while political and financial uncertainty push up safe-haven demand for the yellow metal.
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