Gold is hovering above $2,000 ahead of the Fed’s interest rate decision

2023-05-03 02:59:00

( – It hovered above the 2,000 level on Wednesday, as investors await the Federal Reserve’s decision on interest rates, due later on Wednesday.

It settled at $2,016.29 an ounce by 0140 GMT, after rising more than 1 percent in the previous session.

US gold futures rose 0.1% to $2,026.10.

The Federal Reserve’s interest rate decision is due at 1800 GMT, amid broad expectations that it will hike it by 25 basis points.

Gold is usually seen as a hedge in times of rising inflation and economic turmoil, but high interest reduces the attractiveness of the non-return metal.

As for other precious metals, it fell in spot transactions by 0.2 percent to $25.33 an ounce, and platinum fell 0.4 percent to $1,061.53, while it increased 0.4 percent to $1,434.62.

(Prepared by Marwa Gharib for the Arabic Bulletin)

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