Gold Remains Low as USD Scales Higher.


Through the early North American session, Gold retains its current rate and is placed near the $1,665 region, which is a little above the daily low.

The dollar-denominated commodity, within striking distance of its lowest level since April 2020, is being weighed down by the USD which seems to get stronger daily.

The increase in the value of the USD is continuously supported by the expectations that the Federal Reserve will continue to hike the rate aggressively in a bit to control high inflation.

Investors have been forced to reduce bets for a total 100 bps Fed rate hike move because of a fall in the near-term inflation expectations for consumer prices in the US to a one-year low in September.

After a two-day monetary policy meeting on Wednesday, the US central bank is expected to deliver at least a 75 bps, which is continuous support to the USD. This continues to support the high US Treasury bond yields.

Asides from creating prospects for a faster interest rate hike by other major central banks, it contributes to pushing flows away from the non-yielding Gold.

Traditional safe-haven assets are supported by the prevalent risk-off environment, shown by a fresh leg in equity markets. This is the only factor lending some support to Gold and limiting the downside, at least for now.

Investors prefer to move to the sidelines than to place aggressive bets ahead of the short, intense period of central bank meetings scheduled for this week.

The result of the meetings and announcements should assist investors in determining the next leg of a directional move for Gold.

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