Gold prices stayed close to the $2,000 mark today, buoyed by investors seeking safe-haven assets due to the ongoing conflict in the Middle East and ahead of the U.S. Federal Reserve's policy meeting this week. Despite Israeli forces attacking Gaza's main northern city, spot gold experienced a minor dip of 0.4% to $1,998.39 per ounce. On the other hand, U.S. gold futures saw a rise of 0.5% to $2,008.10 per ounce.
Jim Wyckoff from Kitco Metals continues to hold a bullish outlook on gold, interpreting the continuing conflict as a stable foundation for both gold and silver markets. Rhona O'Connell of StoneX also suggests that gold is consolidating, positioning itself for potential gains.
The imminent policy decision from the U.S. central bank is drawing significant attention from traders. A hawkish stance by the Fed could potentially exert a slight negative influence on gold prices, according to Wyckoff.
In other precious metals, spot silver saw an increase of 1.6% to $23.52 per ounce today. Additionally, platinum and palladium also recorded price increases of 2.5% and 2.1% respectively.
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