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Gold Holds Steady Amid Geopolitical Tensions

Gold held steady on Monday, after having suffered its biggest weekly drop since June last week following a moderate rate lift-off by the U.S. Federal Reserve.

Spot gold edged up 0.3 percent to $1,927.52 per ounce while U.S. gold futures were down 0.1 percent at $1,926.80.

The precious metal fell 3.4 percent last week as the Fed raised interest rates for the first time since 2018.

Investors watched for additional cues from the Federal Reserve on its projected policy path after St. Louis Federal Reserve President Jim Bullard said the U.S. central bank risked losing credibility by moving too slowly to bring inflation down.

Separately, former U.S. Treasury Secretary Lawrence Summers said the Fed will need to raise borrowing costs higher than officials are currently projecting to curb the hottest inflation in 40 years.

Investors also assessed the impact of Russia’s war in Ukraine as the conflict entered the 26th day of intense fighting.

Fed Chair Jerome Powell will address the annual meeting of the National Association for Business Economics later today.

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