Gold hovers above $2,000 as Fed rate decision looms

Gold hovers above $2,000 as Fed rate decision looms
# 03 May 2023 09:22 (UTC +04:00)

Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate decision due later in the day, APA reports citing Reuters.

Spot gold held its ground at $2,017.54 per ounce by 0335 GMT after rising more than 1% in the previous session, as yields dropped on renewed fears of contagion in the U.S. banking sector.

U.S. gold futures were up 0.2% at $2,026.50.

Spot silver dipped 0.3% at $25.32 per ounce.

Platinum fell 0.5% to $1,060.16, while palladium gained 0.6% to $1,437.33.

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