Gold listless as investors strap in for Fed rate verdict

Gold listless as investors strap in for Fed rate verdict
# 22 March 2023 10:40 (UTC +04:00)

Gold prices traded in a narrow range on Wednesday as some investors stayed on the sidelines ahead of the U.S. Federal Reserve's interest rate decision and policy outlook, APA reports citing Reuters.

Spot gold was flat at $1,940.11 per ounce, as of 0540 GMT, after dropping 2% on Tuesday. U.S. gold futures edged 0.1% higher at $1,942.10.

"Market developments remain fluid but as it stands, it does appear that banking sector wounds are showing tentative signs of recovery after the emergency backstops and assurances from authorities ... gold has eased lower as safe-haven demand dissipates," said OCBC FX strategist Christopher Wong.

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