Gold prices set for monthly gain as traders eye Fed verdict
Istanbul, July 31 (Hibya) - Gold prices held steady on Wednesday and headed for a monthly gain, supported by rising optimism surrounding U.S. interest rate cuts. At the same time, the focus shifted to the Federal Reserve’s policy verdict, which was due later in the day.
Spot gold stood at $2,407.85 per ounce as of 0200 GMT and has gained more than 3 percent for the month. U.S. gold futures edged 0.1 percent higher to $2,405.60.
After the Fed’s two-day meeting on Wednesday, expectations are that the U.S. central bank will hold rates steady and policymakers will lay the groundwork for a September rate cut.
The U.S. rate futures market has fully priced in a 25-basis-point cut in September. Non-yielding bullion tends to thrive in a low-interest-rate environment.
Spot silver rose 0.2 percent to $28.44 per ounce. Platinum gained 0.7 percent to $966.13, and palladium edged 1 percent higher at $898.13. Both metals are headed for a monthly decline.
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