Gold stabilizes ahead of Fed’s interest rate decision

Gold prices held ground today, March 20, with investors awaiting the results of the Federal Reserve’s policy meeting later in the day, during which interest rates are expected to be kept unchanged.

Bullion for April delivery stabilized at $2,158.10 an ounce at 12:40 pm Makkah time, while spot prices fell slightly by 0.10% to $2,156.14 per ounce.

Likewise, silver futures for May delivery shed 0.36% to $25.05 an ounce, as platinum spot prices held steady at $896.70 per ounce.

“With large speculators having increased net-long exposure at their fastest weekly pace in 3.5 years last Tuesday, gold is clearly in demand and not a market too short for any length of time whilst traders expect Fed cuts,” City Index senior analyst Matt Simpson said.