Gold circulates in rings below $ 1,780, pre-powered by Investing.com

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By Barani Krishnan Investing.com – Another day and another limited-range session in gold that barely made a difference in safe-haven history. Unsurprisingly, gold closed lower ahead of Wednesday’s Federal Reserve rate decision after primarily moving in a band of $ 1,760 to $ 1,775. Weighed a bit on the yellow metal was the rise in the yield to retreat above 1.65%, after a struggle over the past week at the 1.55% levels. Yields rose when the bonds began selling again after a rebound in US consumer confidence, which hit 14-month highs in April. “More vaccines and additional tax stimulus lifted morale,” weakening the need for safe havens like gold, said Sophie Griffiths, UK and EMEA research director at online trading platform OANDA. “Consumers are seeing the light at the end of the tunnel, laying the foundation for a strong consumer-based economic recovery.” the New York Comex were down $ 6.25, or 0.4%, to $ 1,772.55 an ounce at 1:43 PM ET (17:43 GMT). The Fed’s latest decision on US interest rates will be known at 2:00 p.m., ahead of President Jay Powell’s press conference that begins at 2:30 p.m. It is also not unexpected to move the earth, as the bank Central will almost certainly keep rates flat near zero and Powell will likely stick to his theme that inflation is transitory for now.

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