{"id":8330,"date":"2023-11-01T22:12:10","date_gmt":"2023-11-01T22:12:10","guid":{"rendered":"https:\/\/infundpros.com\/markets\/commodities\/gold-losses-deepen-before-fed-rate-decision-copper-hit-by-china-woes\/"},"modified":"2023-11-01T22:12:11","modified_gmt":"2023-11-01T22:12:11","slug":"gold-losses-deepen-before-fed-rate-decision-copper-hit-by-china-woes","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8330","title":{"rendered":"Gold losses deepen before Fed rate decision, copper hit by China woes"},"content":{"rendered":"
\n

Investing.com– Gold prices fell further on Wednesday as uncertainty grew before the conclusion of a Federal Reserve meeting and a key Treasury announcement later in the day, while weak economic data from China dented copper prices.\u00a0<\/p>\n

Easing concerns over the Israel-Hamas war also saw traders pricing in a smaller risk premium for gold, as a lack of major escalation in the conflict lessened concerns over its potential economic impact.<\/p>\n

While gold logged stellar gains in October on the back of the conflict, it was hit with a high degree of profit taking in recent sessions, especially as the and Treasury yields advanced before a Fed meeting this week.<\/p>\n

fell 0.4% to $1,975.99 an ounce, while December fell 0.5% to $1,984.45 an ounce by 00:23 ET (04:23 GMT).\u00a0<\/p>\n

Fed rate decision, Treasury auction in focus\u00a0<\/h2>\n

Markets were now focused squarely on the conclusion of a later in the day, where the central bank is widely expected to keep interest rates on hold.<\/p>\n

But the bank is also likely to reiterate its higher-for-longer stance on rates, given recent signs of sticky U.S. inflation, strength in the jobs market and overall economic resilience.\u00a0<\/p>\n

Such a scenario bodes poorly for gold, given that higher interest rates push up the opportunity cost of holding bullion.<\/p>\n

But before the Fed decision, markets will be on watch for an announcement from the U.S. Treasury regarding its plans to refinance its massive debt load.\u00a0<\/p>\n

The announcement is expected to provide more cues on the size and mix of planned Treasury auctions, especially in the face of a severe rout in bond markets over the past month.<\/p>\n

Treasury yields rose on Wednesday, with the rising 0.8% to 4.9%- just a hair away from a 16-year peak hit in October.\u00a0<\/p>\n

Copper prices dip as China PMI pain continues\u00a0<\/h2>\n

Among industrial metals, copper prices fell further on Wednesday following the release of more weak economic data from China.\u00a0<\/p>\n

fell 0.2% to $3.6452 a pound.<\/p>\n

A (PMI) survey showed that China\u2019s manufacturing sector unexpectedly contracted in October. The reading followed a similar decline seen in a released on Tuesday, and pointed to further economic weakness in the world\u2019s largest copper importer.<\/p>\n

The manufacturing sector- which is a key driver of Chinese copper demand- is facing renewed headwinds from slowing overseas demand, as economic conditions in China\u2019s biggest trading partners worsen.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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