Gold Holds Above $4,300 on US-Iran Peace Hopes, Fed in Focus
Gold price remains supported above $4,300 during Asian trading on Wednesday, recovering from yearly lows after reports of a US-Iran framework deal. Traders await the Fed rate decision for further direction.
Gold prices held gains above $4,300 during early Asian trading on Wednesday, trading around $4,335. The precious metal rebounded from its lowest levels of the year reached last week.
The rebound came amid reports that the United States and Iran had agreed on a framework deal to end their conflict, boosting risk appetite and pressuring the dollar. However, gains may be capped as traders look ahead to the Federal Reserve's interest rate decision later this week.
Market participants await the Fed's policy statement for clues on the future path of rates, which could influence gold's direction.
Source: FXStreet Forex News