Gold consolidating ahead of FOMC
Gold continues to consolidate not far below of all-time highs. This comes after the sharp rally which began in mid-February. Gold is managing to hold above $2,150 on an intra-day basis, and this level is rapidly developing into a significant area of support. Gold was down a touch this morning, which in itself showed remarkable resilience given recent dollar strength. The Dollar Index is firmer today and has rallied over 1.7% in less than a fortnight. Silver was also a touch weaker this morning and having dropped back below $25 per ounce. But despite a modest pullback this week, it has had a strong month so far, having rallied close to 10% so far in March. As the day progressed, both metals rallied off their lows and climbed into positive territory, even as the dollar held onto its earlier gains. As with other markets, traders are now awaiting the latest monetary policy update from the US Federal Reserve which comes out at 18:00 GMT today.
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