March 19 - Gold prices drifted lower on Tuesday as the U.S. dollar firmed, while investors await remarks from U.S. Federal Reserve Chair Jerome Powell scheduled after the central bank's policy meeting wraps up on Wednesday for more clarity on interest rate cut moves.
"With the FOMC meeting approaching and some concern of a more hawkish FOMC statement, with the dots eventually indicating less rate cuts this year, some market participants prefer to hold a more cautious stance by reducing their holdings," said UBS analyst Giovanni Staunovo. Higher interest rates reduce the appeal of holding non-yielding gold. Traders are currently pricing in an about 55% chance of a Fed rate cut in June, according to the CME FedWatch Tool, opens new tab.
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