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Gold little changed as traders await Fed decision


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Gold prices were little changed in early Asian trading on Wednesday, as investors refrained from taking big bets ahead of the U.S. Federal Reserve’s interest rate-hike decision due later in the day.


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* Spot gold was almost flat at $1,927.42 per ounce, as of 0032 GMT. U.S. gold futures were down 0.2% at $1,941.90.

* The Fed’s policy decision is due at 1900 GMT, followed by a press conference from Chair Jerome Powell at 1930 GMT. The U.S. central bank is widely expected to scale back rate hikes to 25 basis points (bps) from 50 bps in December.

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* Lower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset.

* U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed.

* India’s gold consumption in 2022 fell 3% from a year earlier, as a rally in local prices to near-record highs curtailed bullion demand during the key December quarter, the World Gold Council (WGC) said on Tuesday.

* Spot silver lost 0.1% to $23.67 per ounce, platinum dropped 0.3% to $1,008.57 and palladium dipped 0.2% to $1,645.75.

* Analysts have cut their palladium price forecasts and raised platinum price estimates as electric and hydrogen-powered vehicles disrupt the auto industry on which both metals rely for demand, a Reuters poll showed on Tuesday.

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0030 Japan JibunBK Mfg PMI Final SA Jan

0145 China Caixin Mfg PMI Final Jan

0700 UK Nationwide House Prices Jan

0850 France S&P Global Mfg PMI Jan

0855 Germany S&P Global/BME Mfg PMI Jan

0900 EU S&P Global Mfg Final PMI Jan

0930 UK S&P Global/CIPS Mfg PMI Jan

1000 EU HICP Flash YY Jan

1000 EU Unemployment Rate Dec

1445 US S&P Global Mfg PMI Final Jan

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1900 U.S. Federal Reserve’s Federal Open Market Committee announces its decision on interest rates followed by statement

1930 Federal Reserve Chair Jerome Powell holds news conference (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu)


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