Gold futures end with a modest loss a day ahead of the Fed policy announcement

Gold futures ended modestly lower on Tuesday, with prices holding to a tight trading range ahead of the Federal Reserve’s monetary policy announcement due Wednesday. “Right now, gold prices only care about the Fed” and they’re “stuck despite U.S. consumer confidence hitting a pandemic high, home prices jumping the most since 2006, and as other commodity prices surge,” said Edward Moya, senior market analyst at Oanda. Gold’s next move could be higher, with prices breaking above the $1,800 level if Fed Chairman Jerome Powell’s upgraded outlook does not trigger a bond market selloff, he said. June gold fell $1.30, or nearly 0.1%, to settle at $1,778.80 an ounce.

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