Gold prices steady amid fed rate pause expectations
Shafaq News / Gold prices were flat on Monday as investors continued to price in a pause in interest rate hikes by the Federal Reserve at their policy meeting this week with a focus on the U.S central bank’s rate outlook.
Spot gold was listless at $1,924.29 per ounce by 0056 GMT. U.S. gold futures steadied at $1,946.10.
Asian shares started trade cautiously on Monday in a week packed with central bank meetings, which will be closely scrutinised for the global interest rate outlook.
Faster growth, cooler inflation and a job market that won’t quit have set the stage for an updated batch of forecasts from Fed officials this week likely to reflect their growing faith in prospects for an economic soft landing.
The Bank of England is likely to hike interest rates once again this week, possibly the last hurrah for one of the great tightening cycles of the last 100 years as a cooling economy begins to worry policymakers.
The Bank of Japan’s policy meeting on Friday is the highlight of the week in Asia.
U.S. manufacturing output barely rose in August amid a decline in motor vehicle production, and activity could contract in the months ahead after the United Auto Workers (UAW) union embarked on strikes at three factories on Friday.