Earlier in the day, gold prices dropped to $1,853 amid anxiety over how Fed Chairman Jerome Powell will deal with the reflation fears.
The US dollar continues to hold the higher ground ahead of the all-important FOMC decision due later this Wednesday, which will be followed by Fed Chair Jerome Powell’s press conference.
Members have insisted that rising inflationary pressures are transitory and ultra-easy monetary settings will stay in place for some time.
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Sluggish markets prevail ahead of the key FOMC, West versus China, covid adds filters to the moves.
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