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FX.co ★ Gold Holds Steady Ahead Of Fed Meeting

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typeContent_19130:::2022-07-26T10:12:00

Gold Holds Steady Ahead Of Fed Meeting

Gold prices held largely steady on Tuesday as investors braced for a busy week of earnings and economic data in the United States.

Spot gold was marginally higher at $1,720.60 per ounce, while U.S. gold futures were little changed with a negative bias at $1,718.40.

Fears about economic growth continued to weigh after top U.S. retailer Walmart struck a downbeat tone on the health of the U.S. consumer.

Tech heavyweights Apple, Meta, Microsoft and Amazon are due to report their financial results this week.

The dollar held just below multi-decade highs as investors look ahead to U.S. reports on consumer confidence, new home sales, durable goods orders, second quarter GDP and personal income and spending this week for any clues about whether hints of a slowing economy will prompt Fed officials to slow the pace of rate hikes.

Most analysts expect a hike between 75 to 100 basis points by the U.S. central bank at the end of a two-day policy meeting on Wednesday.

U.S. second-quarter GDP data is due on Thursday, with many watching for signs of a technical recession.

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