Gold Keeps to a Tight Range as Fed Meeting Looms

By Ambar Warrick Gold prices rose slightly on Tuesday but kept to a tight range seen this week as investors held off from making big bets ahead of a U.S. Federal Reserve meeting that is expected to result in an interest rate hike.

Spot gold rose 0.2% to $1,679.14 an ounce, while gold futures rose 0.6% to $1,687.85 an ounce by 20:11 ET (00:11 GMT). Both instruments have marked muted moves since Monday after logging steep losses last week.

Pressure on gold eased slightly on Tuesday as the U.S. dollar edged lower. But the greenback stayed pinned near 20-year highs, while U.S. Treasury yields rose, ahead of an interest rate decision by the Fed. 

The central bank is widely expected to raise rates by 75 basis points bps on Wednesday, although traders are also pricing in the possibility of a surprise 100 bps hike. Expectations for a sharp hike by the Fed were cemented after data last week showed U.S. inflation stuck to near 40-year highs in August. The reading had boosted the dollar and spurred extended losses in metal markets.

A series of rate hikes by the Fed has dragged gold off highs hit during the onset of the Russia-Ukraine war, with the yellow metal now trading lower for the year. Gold prices recently fell below the $1,700 level, which was seen as one of the last points of support before a steeper decline.

Other precious metals also rose on Tuesday, with platinum and silver futures both recovering from recent losses.

Among industrial metals, copper prices rose 0.2% to $3.5323 a pound. But the red metal was also reeling under recent pressure from the U.S. dollar.

Signs of weakening economic growth across the world have dimmed the outlook for copper prices this year, despite expected supply disruptions from a strike in Chile copper mine Escondida.

Begin trading today! Create an account by completing our form

Privacy Notice

At One Financial Markets we are committed to safeguarding your privacy.

Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.

Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.

Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.

By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Back to top

Office network
  • London Office
    One Financial Markets 

    1 Finsbury Market
    EC2A 2BN
    United Kingdom

    T:  + 44 ( 0 ) 203 857 2000
  • Dubai Office
    One Financial Markets 
    OT19-39 Central Park Tower
    Dubai International Finance Centre
    United Arab Emirates
    T: + 00 971 44 22 888

One Financial Markets is the trading name of Axi Financial Services (UK) Ltd, a company registered in England with company number 6050593. Axi Financial Services Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201) and the Financial Sector Conduct Authority in South Africa (with FSP number 45784).

The information on this site is not directed at residents of the United States, Belgium, Poland or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. is owned and operated by Axi Financial Services (UK) Ltd.

Award winning broker
We have been presented with a number of awards that recognise the quality of our service and dedication to our clients :

Best FSA Regulated Broker
Saudi Money Expo

Best Education Product
Saudi Money Expo

Best Broker - Online Trading
IAIR Awards

Best Institutional Broker
Saudi Money Expo

Best FX Services Broker
CN Forex

Top International
FX Broker 2015

Saudi Money Expo

Broker of the Year
Online Trading – Middle East

IAIR Awards

Best Forex
Customer Service 2018

JFEX Awards

We accept the following payment methods: