On Tuesday, during European trade gold traded lower, rebounding from its four-week peak in the previous trading session because market participants readjusted their trading positions ahead of the Fed’s two-day monetary policy gathering due to start later this day.
While the Fed is mostly expected to leave its interest rates intact to conclude its monetary policy gathering, the US major bank could offer guidance on its tempo of tightening over the next several months.
Janet Yellen, Fed Chair is to hold what is going to be a closely-watched press conference thirty minutes after the issue of the Fed’s statement as traders look for any change in tone regarding the US economy or upcoming rate lifts.
The major bank is going to release its latest forecasts for economic growth as well as interest rates.
Traders are going to digest a report on American retail sales soon.
The dollar index, gauging the greenback’s value against other key currencies, leapt 0.15%, trading at 94.56.