XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Gold is nearly intact
Information is not investment advice
On Wednesday, gold was nearly intact because traders closely watched a policy statement by the key US bank, which is expected to shed light on its interest rate plan for the rest of 2019.
On the Comex exchange, gold futures rallied by 0.1% hitting $1,307.65 a troy ounce.
Besides this, spot gold hit $1,307.90 an ounce, soaring by 0.1%.
The key US financial institution is generally anticipated to keep rates on hold. By the way, the Fed's December projection suggested two rate lifts in 2019, but it’s widely anticipated to be trimmed to just one lift.
In addition to this, the key US bank is anticipated to come up with a plan to cease decreasing its $4 trillion balance sheet, also dubbed quantitative tightening. A lot of policymakers have admitted that the key US bank will probably conclude the process and have its bond holdings stabilized by the end of 2019.
Evaluating the greenback’s purchasing value versus its primary rivals the USD index hit 95.86, which is not far from Tuesday's two-and-a-half-week minimum of 95.73.
In addition to this, palladium went up to an all-time maximum for the trading session in a row due to the fact the supply outlook tightened further.
As for spot palladium, it managed to rally by 0.4% reaching $1,594.99 an ounce after a recording a maximum of $1,603.42. By the way, it’s believed that Russia intentionally reduces palladium supply to provoke a bullish scenario. Being a key producer of this vital auto catalyst metal, Russia has put a temporary ban on the export of palladium scrap as well as tailings from May 1 to October 31 2019.
Additionally, silver futures slipped by 0.1% hitting $15.35 a troy ounce. As for platinum, it rallied by 0.4% ending up with $855.95 an ounce.
The country has come through the worst and is recovering now.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.