Gold price at $1800 mark ahead of Fed meeting

Ahead of the Fed meeting in Jackson Hole, the gold price shows its volatile side. With Fed officials hinting at asset cuts, this could happen sooner than expected.

At 22:08 Asia time (GMT+7), gold futures rose 0.34% to $1,798.95 an ounce, bringing gold close to the $1800 mark again after standing at $1784.00 as recently as midday.

In addition, the global coronavirus pandemic continues to overshadow the economy and has increased investor skepticism about the Fed’s assessment that it may start tapering sooner than expected.

Meanwhile, the Bank of Korea (BOK) announced its policy decision to raise interest rates in August. The 25-point hike to 0.75% from 0.5% previously makes it the first country in Asia to raise rates since the coronavirus outbreak.

Other Metals:

Silver down slightly at $23.68/oz.

Platinum fell 1%.

Palladium fell 1.5%.

The Spot Market is Open

Friday.27 Aug-2021

Metals Updated at	USD Bid/Ask	Ounce Change	Low/High
Gold 06.00	1,793.20 1,794.20	+0.60 0.03%	1,792.50 1,794.50
Silver 06.00	23.56 23.66	+0.01 0.04%	23.54 23.67
Platinum 06.00	974.00 984.00	+1.00 0.10%	973.00 984.00
Palladium 06.00	2,332.00 2,482.00	+6.00 0.26%	2,326.00 2,488.00
Rhodium 05.00	16,300.00 18,300.00	0.00 0.00%	16,300.00 18,300.00
Energy Updated at	Price	Change	%Change
Crude Oil 06.00	67.88	+0.46	0.68%