Gold, copper prices slip in anticipation of Fed meeting.
Gold and copper prices fell slightly on Wednesday as markets awaited fresh cues on monetary policy from a string of major central bank meetings this week, starting with the Federal Reserve later in the day.
The Fed is widely expected to hike interest rates by 25 basis points later in the day. But the central bank’s outlook on monetary policy will be closely watched, with investors waiting to see how Chair Jerome Powell will address recent signs of resilience in the U.S. economy, as well as a recent rally in global financial markets.
Gold marked a strong start to 2023, rising 5.7% in January amid increasing bets that the Fed will soften its hawkish stance in the coming months. The yellow metal also benefited from resurgent safe haven demand, amid increasing fears of a looming global recession.