July 28 Gold held steady on Thursday, clinging to gains from the previous session when it rose 1.5 percent to a two-week high on a weaker dollar after the U.S. Federal Reserve left interest rates unchanged.
The Federal Reserve said near-term risks to the U.S. economic outlook had diminished, potentially leading to a resumption of monetary policy tightening this year. However, the Fed gave no indication whether it would raise rates at its next meeting in September.
"Moving forward, we don't see much changes in sentiment of what the Fed will do. They are unlikely to raise rates in September with the U.S. Presidential elections due later this year," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central.
Goldcorp Inc., the world’s third-largest bullion producer by market value, reported a quarterly loss that missed analysts’ estimates as output fell and costs rose more than expected.
Reference: Reuters, Bloomberg
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