Gold prices dipped after the Federal Open Market Committee left its overnight funds rate in a range of 2.25% to 2.5% as expected.
for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.7% at $1,275.15 per ounce by 1:25 AM ET (05:25 GMT).
In a news conference, Fed Chairman Jerome Powell said the central bank’s “policy stance is appropriate right now” and that they “don’t see a strong case for moving in either direction.”
The most recent measure of core PCE, the Fed’s preferred measure of inflation, showed a slowdown to a rate 1.6%, well below the central bank’s 2% target.
The which often moves in directions opposite to the precious metal, also slipped 0.1% to 97.338.
A report by CNBC that suggested that the U.S. and China may announce a trade deal next Friday also lifted risk sentiment and put pressure on the safe-haven gold.
The latest round of trade talks between the U.S. and China wrapped up in Beijing on Wednesday with the U.S. Treasury Secretary Steven Mnuchin calling the meetings “productive”.
Negotiations will continue to Washington next week. Citing unnamed sources, CNBC reported on Wednesday that the two countries may reach a trade agreement by next Friday.
INDIA’S NO-1 ADVISORY COMPANY
https://api.whatsapp.com/send?phone=917617666862
EXPERT LAB 7900661234