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Gold near 11-week lows. Euro and dollar on the waterline

Gold is trading near 11-week lows hours before the US Federal Reserve (Fed) ruled on a possible second key interest rate hike this year.

The yellow metal continues to rise 0.15%, but is still renewing mid-February lows, trading at USD 1,870.88 per ounce.

Since the beginning of March, the king of metals has already fallen by around 10%, as investors digest the possibility of a more restrictive monetary policy, increasing the attraction of sovereign debt, as a safe haven asset, to the detriment of non-yielding gold. fees.

The United States Federal Reserve concludes its two-day meeting this Wednesday, and the central bank is expected to announce a new interest rate hike, the second this year.

According to economists, Jerome Powell is expected to go ahead with a 50 basis point hike in the policy rate, an increase that is intended to help the central bank stop the escalation of the inflation rate.

“Today, gold is highly sensitive to the dollar index and less impacted by geopolitical tensions,” argues Naeekm Aslam, chief analyst in Ava Trade’s “research” department, in a note quoted by Bloomberg.

In the forex market, the Bloomberg dollar index – which compares “green cash” with 10 rival currencies remains unchanged (0.00%) at 103.46 points, while the euro also trades on the waterline (0.01% ) to $1.0522.


Source: Jornal de Negócios by www.jornaldenegocios.pt.

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