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Gold Down, Investors Await Fed Policy Decision

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·2 min read
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By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, ahead of the U.S. Federal Reserve policy decision due to be handed down later in the day.

Gold futures were down 0.31% at $1,845.15 by 11:48 PM ET (4:48 AM GMT).

The Fed concludes a two-day policy meeting and will hand down its policy decision later in the day. The central bank is widely expected to keep policy steady.

Investors also await details on the timing and size of further U.S. stimulus measures. Senate Majority Leader Charles Schumer said on Tuesday that a vote on a budget resolution, a possible first step towards passing a $1.9 trillion stimulus package proposed by President Joe Biden could take place as early as the following week.

Schumer added that the Senate would move forward with Biden’s plan, and without Republican lawmakers’ support if necessary.

The International Monetary Fund upgraded its forecast for 2021 global growth, saying that it now expects the global economy to grow 5.5% this year, a 0.3 percentage point increase from October 2020’s forecasts, and global gross domestic product to expand by 4.2% in 2022.

However, it also warned that new COVID-19 variants could pose a risk to economic recovery. The number of global COVID-19 cases also surpassed the 100 million mark as of Jan. 27, according to Johns Hopkins University data.

On the supply front, Chinese net gold imports via Hong Kong rose for a second consecutive in December, despite imports for the year falling 85% as COVID-19 dealt a blow to consumption of the yellow metal. Although the country reported 75 new daily of COVID-19 cases on Wednesday, the lowest daily rise since Jan. 11, travel over the upcoming Lunar New Year holidays has been discouraged to prevent the spread of the virus.

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