The price of gold held steady on Tuesday as the market awaited the Federal Reserve’s meeting, with expectations surrounding the central bank’s outlook on interest rates for 2025. U.S. gold futures were unchanged at $2,672.40, while spot gold experienced a slight uptick of 0.1%, reaching $2,655.07 per ounce.
The Fed is scheduled to announce its interest rate decision on Wednesday. Other central banks, including the Bank of Japan, the Bank of England, the Riksbank, and Norges Bank, are set to disclose their decisions on December 19. Additionally, the European Central Bank may consider further rate cuts next year if inflation meets its target of 2%.
Gold, which does not generate interest, typically performs well in low-interest rate environments or during times of economic and geopolitical uncertainty. Investors are also closely monitoring key economic data this week, such as U.S. GDP and inflation figures, which could influence the price of the yellow metal.
Among other precious metals, silver decreased by 0.2% to $30.47 per ounce, platinum remained stable at $936.30, and palladium steadied at $947.41.
