Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Gold holds below key $1,800 level as investors eye Fed meet

07/26/2021 | 09:46pm EDT

July 27 (Reuters) - Gold prices were steady on Tuesday, pinned below the key $1,800 per-ounce level, as investors turned cautious ahead of this week's U.S. Federal Reserve meeting outcome for clues on when the central bank might rein in its easy monetary policies.

FUNDAMENTALS

* Spot gold was flat at $1,798.61 per ounce, as of 0108 GMT.

* U.S. gold futures fell 0.1% to $1,797.80 per ounce.

* The dollar index was steady and hovered just below recent peaks on Tuesday. The greenback has been rising broadly for more than a month as markets are wary of the Fed starting to taper its monetary support.

* Fed officials are likely to affirm after their two-day meeting that a strong U.S. recovery and their planning for an eventual policy shift both remain underway.

* Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.

* According to a Reuters poll, global economic growth prospects are holding strong for this year and next, however, majority of economists warned new variants of the coronavirus pose the biggest risk to that outlook.

* Net gold imports of gold into the world's biggest bullion consumer China via Hong Kong jumped nearly 42% last month after a slump in May, data showed on Monday.

* Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.2% to 1,025.64 tonnes on Monday, the lowest since May 13. The ETF has seen outflows of about 20 tonnes so far in July.

* Silver fell 0.1% to $25.14 per ounce, palladium was down 0.4% at $2,647.85, while platinum was flat at $1,063.93.

DATA/EVENTS (GMT) 1230 US Durable Goods June 1400 US Consumer Confidence July U.S. Federal Open Market Committee starts its two-day meeting on interest rates

(Reporting by Eileen Soreng in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2021
Latest news "Economy & Forex"
10:56aDollar index jumps after U.S. retail sales show surprise rebound
RE
10:46aIRONNET CYBERSECURITY : Thinking about buying stock in Indaptus Therapeutics, Ironnet, Luokung Technology, Sphere 3D, or FuelCell Energy?
PR
10:37aExclusive-Facebook to target harmful coordination by real accounts using playbook against fake networks
RE
10:31aChina officially applies to join CPTPP trade pact
RE
10:22aBritain's John Lewis, Co-op lament supply chain disruptions
RE
10:18aToronto index slips on weak data, lower commodity prices
RE
10:16aGlobal CISO Report Identifies Cybersecurity Shortcomings At The Structural, Cultural Level
PR
10:13aCredit Suisse shuffles Asia Pacific investment banking team - memo
RE
10:11aRyanair 'couldn't care less' about Boeing order
RE
10:03aFacebook says it will take more aggressive approach to shut down networks of coordinated authentic accounts engaging in certain harmful activities
RE
Latest news "Economy & Forex"