Gold prices steadied on Wednesday, a day after hitting an over two-month low, as investors awaited a policy decision by the U.S. Federal Reserve and cues on its future interest rate trajectory.
Spot gold was little changed at $1,868.66 per ounce by 0955 GMT. U.S. gold futures were flat at $1,870.30.
“Gold is in a wait and see mode,” Commerzbank analyst Daniel Briesemann said. “More important is what Powell is saying regarding the future prospects… If he sounds very hawkish gold price could come under further pressure and the dollar could appreciate further.”
Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe.