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MW: Gold tries for second day of mild recovery ahead of Fed decision
Gold futures tried for back-to-back gains Tuesday after a nine-session slide had landed the yellow metal at lows last seen in late January.

Financial markets, including precious metals, are largely in a holding pattern ahead of confirmation on Wednesday for what’s widely expected to be another Federal Reserve interest-rate hike, an anticipated move that has already rallied the dollar and depressed metals prices.

“Mild short covering from the shorter-term traders and some bargain buying in the cash markets are featured in both metals early this week,” said Jim Wyckoff, senior analyst at Kitco.


Gold for April delivery GCJ7, +0.12% rose $3.40, or 0.3%, to $1,206.20 an ounce. The contract ended at $1,201.40 an ounce last week—the lowest finish since Jan. 30. The metal’s nine-session slide had marked the longest streak of declines since July 2015, FactSet data showed.

Gold firmed amid consolidation even as the ICE Dollar Index DXY, +0.25% remained underpinned by higher rate prospects. It was up 0.2% early Tuesday. A firmer U.S. currency makes dollar-priced gold less desirable to investors using other currencies.

May silver SIK7, +0.14% rose 4 cents, or 0.3%, at $17.02 an ounce.

The Fed confirmed that its interest-rate policy committee will meet as planned on Tuesday and Wednesday despite the winter storm that has hobbled much of the Northeast.

Read: Fed may not ‘pull any punches’ in policy statement

The Fed is widely expected to raise the range of its benchmark federal funds rate by a quarter-point at the end of its discussions. The central bank will release its statement and new economic forecasts on Wednesday at 2 p.m. Eastern. Fed Chairwoman Janet Yellen will follow with a press conference at 2:30 p.m.

The SPDR Gold Trust ETF GLD, +0.02% was nearly unchanged premarket as was the gold-miner focused VanEck Vectors Gold Miners ETF GDX, +1.24% The iShares Silver Trust SLV, -0.43% was off 0.3%.