Gold Receives the Same Fate as USD!


 Gold prices continued to move gloomily by falling below the $ 1,800 per ounce price level in the Asian session today, as investors were cautious ahead of the FOMC policy meeting.

At the time of writing, spot gold traded lower at $ 1,796 per ounce at the start of the Asian session, down from its high it reached on Monday around $ 1,811 per ounce.

Investors took the approach of being more vigilant ahead of the FOMC policy meeting that will begin on Tuesday, and will be followed by a speech by Federal Reserve (Fed) Chairman Jerome Powell.

At the July session meeting, investors expect the central bank to continue to discuss when the reduction in asset purchases will begin to be implemented.

This caused the precious metal gold to fail to capitalize on the opportunity to rise even when the US dollar traded lower against most major currencies.

In addition, trading in the yellow gold metal was also affected by the 10 -year US treasury yield which moved higher to around the 1.30%level.

However, concerns over an increase in coronavirus cases in some countries following the spread of delta virus variants, still support gold prices from falling lower.