Gold prices recorded their lowest level in four weeks today, Wednesday, as investors awaited a decision from the Federal Reserve (the US central bank) that could provide more indications about the timetable for reducing interest rates.
Gold in spot transactions recorded a price of $2,310 per ounce at noon today, after recording $2,281.7 per ounce, which is the lowest level of the price of gold since April 5, earlier in the session.
Prices of the precious metal fell by more than $140 after recording a record level of $2,431.29 on April 12.
The focus is now on the monetary policy decision issued by the US Central Bank this evening and the following statements by Bank Chairman Jerome Powell.
The Federal Reserve is expected to keep the benchmark interest rate unchanged in the range between 5.25 and 5.5 percent.
Although gold is known as a hedge against inflation, high interest rates reduce the attractiveness of holding this non-yielding asset.
US central bank interest rates gold inflation
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