Gold prices were little changed on Monday as investors awaited the US Federal Reserve’s meeting for clues about an interest rate hike, while concerns about inflation and the rift between Russia and Ukraine kept gold’s safe-haven appeal intact.
وستقر gold price In spot transactions at $ 1836.21 an ounce. US gold futures rose 0.3% to $1,836.80.
Investors sought protection from concerns about a possible extension of US sanctions or new EU action if Russia attacks Ukraine, “but (gold and silver) are facing headwinds from the FOMC’s expectations,” analyst Avtar Sandu at Philip Futures said in a note.
The Federal Reserve will tighten monetary policy much faster than thought a month ago to stem persistently high inflation, which economists polled by Reuters now see as the biggest threat to the US economy over the next year.
The Federal Open Market Committee of the US central bank is scheduled to meet on January 25-26.
Among other precious metals, the price of silver in spot transactions fell 0.3% to $ 24.15 an ounce, palladium rose 0.8% to $ 2124.21 and platinum rose 0.4% to $ 1032.80.