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Gold holds steady before Fed rate decision
Gold prices stabilized today after reaching their lowest point in more than a month during the previous session, as markets await the U.S. Federal Reserve's decision on raising interest rates, which is expected to increase by a quarter of a percentage point to a range between 3.75% and 4.00%. Investors are closely monitoring the Federal Reserve Chair's statements regarding the pace of monetary tightening, as any signals indicating a more gradual tightening cycle could support gold prices. Conversely, continued rate hikes may reduce gold's attractiveness as an inflation hedge. Currently, gold prices stand at $4,302.13 per ounce, with a final decision expected tomorrow at the conclusion of a two-day meeting. Meanwhile, the yields on ten-year U.S. Treasury bonds have risen to 5% for the first time since October 2023, affecting the stock market and economic outlooks.
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