Title: Gold Down as Investors Brace for an Expected U.S. Interest Rates Hike
Jul 26, 2022 11:54PM ET
On Wednesday morning in Asia, gold fell before the US Federal Reserve's decision.
By 11:52 a.m. EDT, gold futures were down 0.15 percent at $1,715.20. The dollar, which usually moves inversely to gold, fell Wednesday morning.
On Tuesday, U.S. stocks fell ahead of an expected Fed decision to raise interest rates as investors were worried about the slowing economy and signs of energy problems in Europe.
The Fed is widely expected to raise interest rates by another 75 basis points at the conclusion of its policy meeting on Wednesday.
The International Monetary Fund has warned that the global economy is on the brink of recession.
Tightening monetary policy, energy shortages in Europe due to Russia's incursion into Ukraine and China's real estate sector, and COVID restrictions remain headwinds to the global economic recovery.
US consumer confidence fell to 95.7 points in July, a near two-year low, amid ongoing concerns about rising inflation and interest rates.
In other precious metals, silver fell 0.28%. Platinum fell 0.23%, while palladium rose 0.38%.