MTS Help Center

Gold was largely unchanged on Wednesday, after dropping for the past three sessions to its lowest in nearly two weeks, as investors waited for the outcome of the Federal Reserve policy meeting.

Spot gold was down 0.02% at $1,231.80/oz by 2.21am GMT and US gold added 0.1% to $1,232.5.oz. Spot gold fell to $1,225.70 in the last session, its lowest since March 2.

"Gold’s reign as the top-performing asset since the start of the year is largely supported by safe-haven demand, and buying-interest into gold once again should not be discounted, especially if global growth sentiment turns south into the year," said OCBC Bank analyst Barnabas Gan in Singapore.

"Still, this is not our base case scenario, given our bearish outlook on gold prices. This outlook is very much underpinned by further rate hikes by the FOMC."

DailyFX’s Analyst said “Gold price parked on support trend line for a second day as market participants finalised their bets ahead of US FOMC meeting. This is a major event that will no doubt dictate the upcoming direction of gold price. Investors may adjust their bets or stay put.”

Reference : Reuters, DailyFX