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Gold declined in early Asian trade. U.S. inflation is still above the Fed's 2% target and markets continue to price in and further tightening, keeping yields supported and weighing on gold, Infinox said.
Gold traders bet that strong economy and high oil prices will force the Fed to continue the rate hike cycle.
Gold remains a key consideration for not only investors, but for nations. As global uncertainty has grown, so too has interest in the precious metal as a way to store and preserve value and ride out volatility.
Gold remains under pressure from elevated real yields and strong U.S. growth, with $4,000 support critical and a break below $3,900 threatening deeper losses.
Gold (XAUUSD) and silver price forecast: a split Fed hold keeps a December hike in play as gold eyes $4,024 support and silver slips toward $52.69.
Gold declined in the early Asian session after the Federal Reserve held rates at its October policy meeting.
The Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) voted 10-2 in favor of a maintaining the policy rate unchanged, as expected by the market consensus.“The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate,” the Federal Reserve said in their statement.
Gold prices continue to hold critical support above $4,000 an ounce, but one investment firm expects prices to head lower by year-end as the Federal Reserve is expected to maintain its tightening bias, while silver faces even greater downside risks as weakening industrial demand adds to the pressure from elevated interest rates.
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