Gold range-bound as investors brace for Fed decision, Powell speech
Spot gold was up 0.1% at $2,159.50 per ounce, as of 0123 GMT. U.S. gold futures also edged 0.1% higher to $2,162.60.
were stuck in a tight range on Wednesday as refrained from making big bets ahead of the U.S. 's policy decision and remarks from Fed Chair later in the day. FUNDAMENTALS* Spot gold was up 0.1% at $2,159.50 per ounce, as of 0123 GMT. U.S. gold futures also edged 0.1% higher to $2,162.60.
* Markets focus will be on Federal Open Market Committee's policy statement due at 1800 GMT, followed by Powell's press conference at 1830 GMT.
* The is expected to hold rates steady, but traders are awaiting its economic and interest rate projections for the rest of the year.
* Last week's U.S. consumer prices index and producer price index figures came in hotter then expected, reducing hopes around early Fed rate cuts.
* Traders are currently pricing in an about 61% chance of a rate cut from the Fed in June, according to the CME FedWatch Tool. Lower interest rates also cut the opportunity cost of holding non-yielding bullion.
* The dollar held steady after hitting more than two-week high in the previous session. A stronger dollar makes gold more expensive for other currency holders.
* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.48% to 837.35 tons on Tuesday from 833.32 tons in the prior session.
* Swiss gold exports in February fell month-on-month, coming off an eight-year high that was powered by demand ahead of China's Lunar New Year holiday, customs data showed on Tuesday.
* Spot silver gained 0.1% to $24.94 per ounce, platinum fell 0.3% to $891.50 and palladium rose 0.1% to $991.43.
