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Gold, silver tread water just ahead of FOMC meeting Gold prices are modestly down and silver slightly up in midday U.S. trading Monday. Gold is seeing a mild corrective pullback and a bit of profit taking from futures traders after prices last week hit a nine-month high, and just ahead of this week’s highly anticipated monetary policy meeting of the U.S. Federal Reserve. February gold was last down $6.00 at $1,923.40 and March silver was up $0.123 at $23.75. The…

Will the Fed stop gold's run? Gold price sees longest weekly winning streak since the summer of 2020 Gold is looking to close Friday with its sixth weekly gain — the longest winning streak since the summer of 2020 when gold hit new record highs above $2,000 an ounce. But the question is whether the precious metal can maintain its rally as analysts see inevitable profit-taking in the short term. One argument analysts raise for next week is why wouldn't…

Gold declines in light of the report that revealed inflation continues to decline As of 6:00 PM EST, the February contract of gold futures has fallen for the second time in the last seven trading days. Currently, gold futures are fixed at $1927.60, a decline of $2.40 or 0.12%. Gold traded to a high of $1935.40, and a low of $1916.50. The key takeaway from today’s PCE inflation index report was that the core PCA index declined in December by…

Gold consolidating gains above $1900 into Fed week The gold price is up over $100 in the first month of 2023, its best start to the year since 2012. After a false breakout to the downside during the final quarter of 2022, gold has zoomed $332 an ounce from its November low at $1618. This now 20% rally over the past three months has technically placed the safe-haven metal in a bull market, suggesting further gains ahead. Since a triple-bottom…

Questions arise about next FOMC meeting; will their decisions remain data-dependent Exactly one week from today the Federal Reserve will hold the first Federal Open Market Committee meeting for the calendar year 2023. But before Federal Reserve officials meet for the first time this year on Friday, January 27 the government will release its latest data on inflation vis-à-vis the core PCE for December. Currently, the forecast for this week’s core PCE report is that inflationary pressures will continue to…

Gold futures remain steady as investors await the PCE report and FOMC meeting Gold futures traded marginally higher as market participants focus on next week’s FOMC meeting. As of 4:00 PM EST, the most active February contract of gold futures is up $3.80 and fixed at $1932. Silver futures traded under pressure with the most active March contract currently down $0.37 and fixed at $23.565. The dollar had little influence on precious metals pricing today with the dollar index in…

Gold price eyes $1,950 but it might have to wait until the Fed meeting before moving on to $2,000 – analysts Gold's January rally took prices to nine-month highs Friday, with the precious metal up more than 5% since the start of the year. But industry experts are not ruling out some consolidation ahead of the Federal Reserve's February meeting. Gold hit a nine-month high of $1,939 an ounce Friday on bullish technical momentum and safe-haven buying. At the time…