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16 Mar 2022

Gold Stabilizes ahead of Fed Monetary Policy Decision amid Weaker Dollar

The Index Today

Gold regained stability on Wednesday as the dollar drop eased pressure off of greater U.S. Treasury yields ahead of the U.S. Federal Reserve’s first interest rate hike for 2022 to counter soaring pandemic-induced inflation.

According to Reuters, U.S. gold futures edged lower by 0.3% to $1,923.40, while spot gold remained unchanged at $1,917.91 per ounce at 1015 GMT.

Exinity Chief Market Analyst Han Tan said, "Bullion bears are taking a breather as they await the Fed’s highly-anticipated policy guidance." He added, "Once gold markets have fully digested the Fed's policy signals, attention could swiftly return to the ever-evolving Russia-Ukraine war."

A dip in the U.S. dollar favors gold which is particularly sensitive to climbing interest rates and higher U.S. Treasury yields. Quantitative Commodity Research Analyst Peter Fertig contended, "If there is disappointment that the market has expected more rate hikes that the Fed actually delivers, this could be supportive for gold, and vice-versa."

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