Gold prices are falling this week ahead of the major Central Banks’ interest rate decisions.
While bullion has fallen this year due to the Fed’s aggressive monetary policy, from early November, the Fed’s less hawkish messages made up for some of its loss, approaching $1,800 an ounce.
Spot gold is trading at $1,788 an ounce, down 0.4 percent today. Prices were up 0.5 percent on Friday.
The Bloomberg Dollar Spot Index rose 0.1 percent today, while silver, platinum, and palladium fell.
The US Federal Reserve is expected to reduce the rate of increase in interest rates from 75 basis points to 50 basis points in this week’s monetary policy meeting and signal that interest rate increases will continue in 2023.
This week, the European Central Bank and the Bank of England’s interest rate decisions will also be on the markets’ radar.
