Gold rises in price against the background of expectations of Fed meeting
LONDON (Reuters) - Gold rises in price on Tuesday, recouping early losses, while market participants expect the Fed meeting.
The Federal Reserve is not expected to raise interest rates at a meeting this week, but the markets are waiting for the US central bank's views on the state of the world economy and the prospects for monetary policy.
Gold in 16.25 MSK traded at $ 1.243,63 per ounce compared to US $ 1.237,50 at the close of trading on Monday, while the US futures fell $ 5.2 to $ 1.245,40 per ounce.
"Markets do not expect the Fed to increase rates, but will attract a lot of attention to the tone of the statement"- said strategist at UBS precious metals market Dzhoni Teves.
Economists expect the Fed's first rate increase in June, and then again towards the end of the year. But interest rate futures show less confidence in this course of events.
The dollar came under pressure due to the recovery of the yen, as the prospects for monetary stimulus from the Bank of Japan remain unclear.
Nevertheless, European shares rose on Tuesday, as oil prices rose 1 percent, which indicates an increased appetite for high-risk assets and a possible decrease in demand for gold.
The assets of the world's largest gold exchange-traded fund (ETF) SPDR Gold Trust fell 0.3 percent to 802.65 tonnes on Monday.
Net imports of gold from Hong Kong to China in March rose to three-month high of 71.8 tons to 53.9 tons in February.
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