Gold prices tread water as Fed meeting looms
Investing.com-- Gold prices moved little in Asian trade on Monday, seeing little relief from recent losses as traders continued to price in higher-for-longer U.S. interest rates before a Federal Reserve meeting later this week.
The yellow metal tumbled from record highs hit earlier in April as safe-haven demand waned in the absence of any escalation between Iran and Israel. This left gold vulnerable to outflows in the face of restrictive U.S. monetary policy.Growing signs of sticky U.S. inflation saw traders largely price out expectations for early rate cuts by the Fed. The central bank is now only expected to begin trimming rates in September, or even the fourth quarter.
China’s property market is a key facet of the economy, and is also a major driver of copper demand in the world’s largest importer of the yellow metal.Expectations of tighter supplies had been a major boost to copper prices in recent weeks, especially as the West tightened its sanctions on Russian metal exports.
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