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Jeddah - Yasmine El Tohamy - LONDON: Gold prices were little changed on Wednesday, with market participants focused on the Federal Reserve’s first policy decision under new chair Kevin Warsh and details of the US-Iran peace agreement.
Spot gold was little changed at $4,323.50 per ounce by 0852 GMT, after gaining in the previous four sessions. US gold futures were down 0.3 percent at $4,342.40.
HIGHLIGHTS
• Spot gold was little changed at $4,323.50 per ounce by 0852 GMT, after gaining in the previous four sessions.
• US gold futures were down 0.3 percent at $4,342.40.
• Spot gold climbed to a one-week high on Monday after the US-Iran deal was announced.
“With Kevin Warsh taking his seat at the helm for the first time, investors will be watching closely how he interprets recent market developments,” Saxo Bank analyst Ole
Hansen said. Spot gold climbed to a one-week high on Monday after the US-Iran deal was announced, rebounding from the near six-month low it hit last week.
Higher energy prices, which fuel inflation concerns and expectations of rate hikes, had weighed on gold, as the metal becomes less attractive in a high-interest-rate environment since it offers no yield. Spot silver fell 0.8 percent to $69.59 per ounce, platinum lost 1.1 percent to $1,784.85 and palladium was down 0.6 percent at $1,344.21.
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