Investing.com – In the Asian afternoon session on Wednesday (1st), gold prices consolidated, and the market waited for the results of the Federal Reserve and a series of major central bank monetary policy meetings later in the day.
The Federal Reserve will announce its latest monetary policy statement tonight, which is widely expected, but the focus will be on future policy prospects, especially how Fed Chairman Jerome Powell will view the recent resilient U.S. economic data at the next meeting, and The recent uptrend in global financial markets.
Gold prices got off to a good start in 2023, rising 5.7% in January, as bets grew that the Federal Reserve’s hawkish stance would soften in the coming months.
Meanwhile, gold also benefited from increased safe-haven demand amid growing fears of an impending global recession.
However, as major central bank meetings approach, gold market participants have become more cautious, with no clear trend in the past three trading days.
As of 13:45 Beijing time (00:45 a.m. Eastern Time), Investing.com Commodity Markets showed that it fell $1.93, or about 0.10%, to $1,926.29 per ounce; the price fell by $3.45, or about 0.18%. , at $1,941.85 an ounce.
In other precious metals, it was steady at $1,019.85 an ounce, while down 0.26% to $23.773 an ounce.
Among industrial metals, copper prices fell. Although the previous announcement was slightly higher, it was worse than expected, and it was below the dry-boom line for six consecutive months, reflecting that the recovery momentum of China’s small and medium-sized enterprises is still lagging behind. In contrast, China’s official PMI focuses on large and medium-sized enterprises, while the Caixin PMI is more inclined to small and medium-sized enterprises.
It was down 0.52 percent at $4.2010 a pound.
[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]
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Compiler: Liu Chuan