Gold prices settled Monday at their highest in more than two weeks, helped by a slight pullback in the dollar ahead of this week’s Federal Reserve decision on monetary policy, which is widely expected to see a pause in interest rate hikes.
Analysts expect the Bank of England will raise rates by 25 bps to 5.5% on Thursday, while opinions are divided on the Bank of Japan’s meeting on Friday.
Front-month Comex gold (XAUUSD:CUR) for September delivery closed +0.4% to $1,931.50/oz, its third straight gain and highest settlement since September 1, while September silver (XAGUSD:CUR) also ended +0.4% to $23.232/oz, its best settlement since September 5.
ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (NYSEARCA:SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP)
Gold prices have moved marginally lower throughout September, “primarily reflecting the uptrend in U.S. real yields, although it remains roughly 6% higher over 2023,” analysts at ICICI Bank said Monday.
“With markets pricing in a ‘soft-landing’ scenario for the U.S. economy… we see limited downside in U.S. yields that will ensure that gold prices trade with a downside bias in 2023,” the bank said.
However, “a reversal in gold prices is possible if the FOMC pivots to a neutral regime and prepares markets for possible rate cuts [in] the second quarter of 2024 onwards,” ICICI said.
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