Commodities and Futures News

Gold, Copper Prices Rangebound Ahead of Fed Meeting

2022.09.20 20:49



© Reuters.

By Ambar Warrick 

Investing.com– Gold and copper kept to a tight range on Wednesday as anticipation of a large interest rate hike by the Federal Reserve boosted the dollar and weighed on metal markets. 

The Fed is expected to raise interest rates by when it concludes a later on Wednesday, with traders also pricing in the possibility of a 100 bps raise after hotter-than-expected U.S. inflation data last week. 

The hike, which will be the Fed’s fifth raise this year, is broadly expected to draw capital away from metal markets and into the dollar- a trend that has dragged bullion prices well below peaks hit during the onset of the Russia-Ukraine conflict.

This has also seen gold lose its safe haven sheen, with the yellow metal falling in tandem with conventional risk-driven markets this year. Stock markets also weakened on Tuesday in anticipation of the Fed. 

rose 0.1% to $1,666.04 an ounce, while rose 0.2% to $1,674.0 an ounce by 19:34 ET (23:34 GMT). Both instruments fell 0.6% and 0.3%, respectively, on Tuesday, and are down about 2% each over the past four sessions. 

Gold slipped below the key $1,700 mark earlier this week, and is expected to see few cues for a recovery. Markets will be watching for any commentary on inflation and interest rate expectations from the Fed.

Other precious metals also recovered from recent losses, but stayed pinned near recent lows. rose 0.5%, while traded flat. 

Among industrial metals, rose 0.1% to $3.50 a pound, retaining most of their losses in the past four sessions. 

But the red metal has performed slightly better than gold in the past month, on expectations of tightening supply due to a strike in Chile’s Escondida, the largest copper mine in the world. 

Still, copper markets have to contend with slowing industrial activity across the globe, which has weighed heavily on demand this year. 

 



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 74,976.09 1.17%
ethereum
Ethereum (ETH) $ 2,818.15 7.14%
tether
Tether (USDT) $ 1.00 0.15%
solana
Solana (SOL) $ 187.65 0.72%
bnb
BNB (BNB) $ 594.03 2.08%
usd-coin
USDC (USDC) $ 0.999894 0.05%
xrp
XRP (XRP) $ 0.548719 3.10%
dogecoin
Dogecoin (DOGE) $ 0.190581 3.92%
staked-ether
Lido Staked Ether (STETH) $ 2,817.19 7.19%
tron
TRON (TRX) $ 0.160486 1.91%
cardano
Cardano (ADA) $ 0.376542 5.19%
the-open-network
Toncoin (TON) $ 4.90 4.35%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,329.60 7.22%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.18%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 74,939.08 1.17%
avalanche-2
Avalanche (AVAX) $ 26.94 2.39%
weth
WETH (WETH) $ 2,819.13 7.27%
chainlink
Chainlink (LINK) $ 12.32 4.26%
bitcoin-cash
Bitcoin Cash (BCH) $ 377.27 1.61%
sui
Sui (SUI) $ 2.26 1.11%
polkadot
Polkadot (DOT) $ 4.09 0.41%
leo-token
LEO Token (LEO) $ 6.23 0.98%
usds
USDS (USDS) $ 0.994366 0.46%
uniswap
Uniswap (UNI) $ 9.12 0.27%
litecoin
Litecoin (LTC) $ 70.92 1.72%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,964.82 7.29%
aptos
Aptos (APT) $ 9.77 5.11%
near
NEAR Protocol (NEAR) $ 4.17 1.09%
pepe
Pepe (PEPE) $ 0.00001 10.57%
bittensor
Bittensor (TAO) $ 514.26 1.37%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 0.96%
internet-computer
Internet Computer (ICP) $ 7.67 0.12%
dai
Dai (DAI) $ 1.00 0.14%
monero
Monero (XMR) $ 163.71 0.95%
kaspa
Kaspa (KAS) $ 0.119028 1.77%
ethereum-classic
Ethereum Classic (ETC) $ 19.98 4.40%
stellar
Stellar (XLM) $ 0.098894 2.62%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
aave
Aave (AAVE) $ 187.15 16.10%
whitebit
WhiteBIT Coin (WBT) $ 19.30 0.28%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.342355 5.16%
blockstack
Stacks (STX) $ 1.67 0.45%
okb
OKB (OKB) $ 40.10 3.14%
first-digital-usd
First Digital USD (FDUSD) $ 0.998218 0.11%
crypto-com-chain
Cronos (CRO) $ 0.085922 1.92%
dogwifcoin
dogwifhat (WIF) $ 2.33 1.74%
arbitrum
Arbitrum (ARB) $ 0.581097 10.09%
filecoin
Filecoin (FIL) $ 3.73 3.20%
mantle
Mantle (MNT) $ 0.633755 7.89%
celestia
Celestia (TIA) $ 5.11 8.06%