3 hours ago
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Gold August (GC=F) futures opened at $4,352.60 this morning, flat compared to Tuesday's closing price, but up 3.6% from last Wednesday's opening price. The price of gold is holding relatively steady at $4,349.30 as of 6:42 a.m. ET.
Gold prices are holding firm to start the week, up 3.6% this morning from the same time last week, ahead of the Fed meeting this afternoon. According to the CME Group's FedWatch tool, a resounding 99.6% of market observers expect the Fed to hold rates steady following the conclusion of today's meeting.
Today's Fed meeting is the first with new Fed President Kevin Warsh and comes just days before the U.S. and Iran are set to sign an official agreement to pursue long-lasting peace, lift the U.S. naval blockade, and reopen the Strait of Hormuz.
The pending agreement has already had a positive influence across markets, but it's still unclear whether it will have enough impact to keep the Fed from lowering rates later this year. The CME Group currently shows there's a substantial chance rates could rise following the Fed's September, October, and December meetings.
Gold August (GC=F) futures opened at $4,352.60 this morning, flat compared to Tuesday's closing price, but up 3.6% from last Wednesday's opening price. The price of gold is holding relatively steady at $4,349.30 as of 6:42 a.m. ET.
Gold prices are holding firm to start the week, up 3.6% this morning from the same time last week, ahead of the Fed meeting this afternoon. According to the CME Group's FedWatch tool, a resounding 99.6% of market observers expect the Fed to hold rates steady following the conclusion of today's meeting.
Today's Fed meeting is the first with new Fed President Kevin Warsh and comes just days before the U.S. and Iran are set to sign an official agreement to pursue long-lasting peace, lift the U.S. naval blockade, and reopen the Strait of Hormuz.
The pending agreement has already had a positive influence across markets, but it's still unclear whether it will have enough impact to keep the Fed from lowering rates later this year. The CME Group currently shows there's a substantial chance rates could rise following the Fed's September, October, and December meetings.
