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Gold stays near monthly lows
Gold prices remained near their lowest levels in over a month as investors awaited the U.S. Federal Reserve's decision on monetary policy. The spot price of gold stayed steady at around $1,430.96 per ounce after reaching its lowest point since early August. The market anticipates that the Fed will raise interest rates by a quarter percentage point, bringing the target range to between 3.75% and 4.00%. Concerns continue about how this might impact gold’s appeal, as it is often seen as an inflation hedge, but its attractiveness diminishes as interest rates rise, increasing the opportunity cost of holding gold. The Fed’s decision will largely depend on how the Chair interprets the rate hike, which could significantly influence market trends and the direction of gold in the coming period.
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