Gold prices were steady in early Asian trading on Wednesday (12/18) as markets awaited the Federal Reserve's interest rate decision, with a rate cut widely expected.
The future direction of monetary policy remains uncertain, especially given potential inflationary pressures, FlowCommunity's Ruben Ferreira wrote in a note.
Upcoming policy decisions from other major central banks such as the Bank of Japan are among the factors that could influence the precious metal's trajectory in the coming months, Ferreira said. Gold typically has an inverse relationship to interest rates, with higher rates reducing demand for non-interest-bearing bullion. Spot gold was steady at $2,647.01/oz.
Source: Dow Jones Newswires
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