Kamal Ghorui
“In the near term, (gold’s) price action may remain choppy as markets reassess the Fed policy path and the trajectory of real yields,” Wong said.
The US Federal Reserve is broadly expected to keep interest rates unchanged for the second consecutive meeting when it announces its decision on Wednesday.
Meanwhile, US President Donald Trump said on Sunday that his administration is in discussions with seven countries about providing support to safeguard the Strait of Hormuz.
Trump also warned that additional strikes could be carried out on Iran’s key oil export hub, Kharg Island, and indicated that he was not yet prepared to reach an agreement to end the conflict.
He further said that countries heavily dependent on Gulf oil should take responsibility for ensuring the security of the strait.
In other precious metals, spot silver edged up 0.1% to $80.62 per ounce. Spot platinum climbed 1.8% to $2,060.32, while palladium advanced 1.6% to $1,576.41.
