By 08:08 AM The futures for gold on the Comex exchange were down 0.2% to $ 1,509.55 per troy ounce. Spot gold changed slightly at $ 1,502.14 an ounce.
Rates were in line with the fed‘s decision, while fears of rising oil price inflation have eased, reducing demand for housing assets.
FXTM analyst Lukman Otunga said that, “I hope Saudi Arabia’s output will turn to the internet and oil prices will start to devalue have increased market sentiment, so we continue to see some calm in the markets ahead of the Fed meeting. “.
Gold is considered a hedge against oil-led inflation.
Oil prices rebounded after rising nearly 15% earlier in the week after Saudi Arabia’s energy minister said the country would restore lost production by the end of the month after restoring customer supplies to the levels they were at. before the attacks on its main objects.
Otunuga said “There is something about that $ 1,500 and gold is waiting for a catalyst, which will come in the form of the Fed.”
That would be its second taper to less than two months amid concerns about the consequences of the trade war with China and the slowdown in global growth.
Some strong US economic data have lowered expectations for a rate cut in recent days, but the Fed is still widely expected to cut rates by 25 basis points, with the focus now on how far policy easing will go. US currency.
Among other precious metals, silver slipped to $ 17.94 an ounce while platinum was down 0.8% to $ 935.55 an ounce./Investing.com