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Bullion Up Moderately As Waits For Fed Decision

GOLD

Gold prices finished Tuesday down 0.7% to $1943.72/oz on higher US Treasury yields. Yields fell following the close-to-expected US CPI data but then rose sharply, which weighed on bullion whereas the USD was down. Ahead of the Fed decision later, gold is up 0.3% to $1949.42/oz and the USD has traded sideways.

  • Today gold reached an intraday low of $1942.26 followed by a high of $1949.47. Support lies at $1932.20, the May 31 low.
  • Later the Fed decision is announced and it is expected to keep rates on hold (see MNI’s Fed Preview here), which should be supportive of gold. If it unexpectedly hikes, then gold prices are likely to fall sharply as yields rise. There is also US PPI data for May, which is forecast to moderate further.
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