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MTECHTIPS;- Gold slips as share markets gain ahead of Fed meeting

Monday, March 18, 2019 1:43

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MTECHTIPS;- Gold slips as share markets gain ahead of Fed meeting

MTECHTIPS-Gold prices slipped on March 18, as gains in the equity markets dented the appeal of the precious metal ahead of a US Federal Reserve policy meeting this week. Spot gold was down 0.2 percent at $1,299.13 per ounce by 0443 GMT. US gold futures fell 0.3 percent to $1,299 an ounce. The US Fed will begin its meeting on interest rates on March 19, which ends with a news conference on March 20. “This could be an important meeting. We’ve seen the Fed taking a much more dovish stance at the beginning of this year and particularly given the run of stronger numbers we have seen,” said Michael McCarthy, chief market strategist, CMC Markets.”We might see Fed moving back on their dovishness and keep a balanced risk approach and if that is the case we could see a strengthening US dollar and that could put pressure on the gold prices.” Gold, which offers no yield of its own, tends to fall out of favour among investors when interest rates rise. Investor sentiment towards gold is reflected in the reduction in net longs by speculators and a fall in holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, on March 15.

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