Gold price decline in anticipation of Fed decision

Gold prices face a decline late Wednesday evening Asia time after the yellow metal had surpassed $1800 on Monday.

Gold futures slipped 0.98% to $1787.

Silver futures fell 0.78% to $23.78.

Precious metals investors are now looking forward to Jackson Hole, where Fed Chair Powell will announce the Fed’s further approach to monetary policy. Investors expect a timetable for tapering and the further strategy in the interest rate issue.

Positive news in the vaccination approval in the U.S. currently gives investors reason to hope that COVID-19 could soon be under control. The U.S. FDA has fully approved Pfizer’s COVID-19 vaccine. The hope of an imminent return to normality tempts investors to invest less in safe havens such as gold or silver at the moment. However, the hope is only a snapshot, as a fourth wave is already predicted for the winter.

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