Gold futures settled narrowly higher Tuesday, after posting declines over the last two trading sessions, as investors awaited hints from the U.S. Federal Reserve on the timing of the next interest-rate increase.
The Fed will conclude a two-day policy meeting on Wednesday. Although, no monetary-policy moves are expected, its statement will be watched closely for clues to future action.
Gold for August delivery on Comex GCQ6, -0.30% rose $1.30, or 0.1%, to settle at $1,320.80 an ounce, after tallying a loss of nearly 1% in the last two sessions. September silver SIU6, -0.47% also added 3.6 cents, or 0.2%, to $19.683 an ounce.
“Gold is currently entangled in a fierce tug of war with U.S. rate hike expectations and risk aversion from concerns over the global economy,” said Lukman Otunuga, FXTM research analyst, in a note.
“Although it is widely expected that U.S. rates will not be increased in July, a hawkish-sounding statement could punish gold further consequently opening a path below $1,308,” said Otunuga. “On the other hand, if concerns over the global economy continue to elevate, then the metal may remain buoyed as investors flock to safe-haven safety.”
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