New york: Gold prices steadied today after reaching their lowest level in over a month during the previous session, as markets await the US Federal Reserve's monetary policy decision.
According to Oman News Agency, spot gold held firm at $4,300.96 per ounce, after recording its lowest level since 7 August yesterday. Meanwhile, US gold futures saw a slight decline, slipping 0.3 percent to $4,341.10.
Markets are closely watching the Federal Reserve's decision expected tomorrow, with predictions of a quarter-percentage-point rate hike to a range between 3.75 and 4.00 percent. This anticipation comes on the back of recent data indicating an acceleration in inflation in the United States during August.
Gold prices were also influenced by the rise in the yield on 10-year US Treasury bonds to five percent. Additional factors affecting the market include escalating geopolitical tensions and increasing oil prices.
In the broader precious metals market, silver experienced a modest rise of 0.1 percent, reaching $63.28 per ounce. In contrast, platinum saw a slight fall of 0.1 percent to $1,757.46, while palladium decreased by 0.7 percent, settling at $1,283.61.
