On the other hand, the strong US dollar, which rose 0.2% to 102.30 before the two -day meeting of the Federal Reserve, is exerting pressure on gold prices.
traders seek clarity regarding the trajectory of the Federal Reserve interest rates, and many expect a pause in the increases, although there is few probabilities of an immediate reduction. “Since it is unlikely that the Fed indicates an immediate reduction of rates, gold could be kept in a range until lighter policy signs arise,” said a senior analyst of raw materials in Anz Bank.
La Plata (XAG/USD) is quoted around $ 33.06, benefiting from the ongoing geopolitical tensions and market volatility, which reinforces its condition of refuge value in the midst of general economic uncertainties.
Short -term forecast
Looking ahead, traders will closely follow the result of the Fed meeting in search of signals on interest rates, which could influence gold and silver prices. An overcoming of the $ 3,391 for gold and $ 33.39 for La Plata would point out a new bullish impulse, while not exceeding these levels could cause greater consolidation.
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