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Gold prices edged higher on Tuesday as the US dollar and Treasury yields retreated, although caution prevailed among investors as markets awaited policy guidance from the Federal Reserve’s meeting due later in the day.

Spot gold was up 0.3% at $1,637.54 per ounce, as of 0409 GMT, having earlier touched its lowest level since Oct. 21. US gold futures were flat at $1,640.20.

The dollar index fell 0.2%, lifting gold’s appeal for overseas buyers, while the benchmark 10-year Treasury yields also slipped.

The press conference after the Fed meeting will dictate the next $25 to $50 move on gold, said Stephen Innes, managing partner at SPI Asset Management.

Gold prices down

“If Jerome Powell continues to beat the hawkish drum and yields start moving up again, gold could slip down to $1,625 and on a follow-through we can test $1,600,” Innes added.

At the end of a two-day policy meeting on Wednesday, the US central bank is expected to deliver a fourth straight 75-basis-point rate increase, and are also seen debating when to downshift to smaller hikes.

Gold prices have declined about 21% since scaling above the $2,000 per ounce level in March as the Fed raised rates rapidly.

Higher US interest rates increase the opportunity cost of holding the non-yielding metal.

Meanwhile, a report by the World Gold Council (WGC) showed the global gold demand in the third quarter rose 28% from the same period in 2021, bolstered by record buying by central banks, although there was a notable contraction in investment demand.

WGC sees India’s gold consumption in the fourth quarter fall from a year ago as inflation depresses rural demand. Spot silver climbed 1.2% to $19.36 per ounce, platinum rose 0.4% to $928.94 and palladium was 1% higher at $1,859.92.


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