Global gold prices were stable on Tuesday as cautious market players awaited the latest signals from central banks regarding their monetary policy plans, especially from the US Federal Reserve. Today's gold forex news was successfully summarized by us from the official trading view website. World gold spot (GOLD) was unchanged at $1,982.69 per ounce at 02:48 GMT. Meanwhile, US gold futures (GOLD) fell by 0.1% to $1,991.00. The Fed is scheduled to meet on May 2-3 and according to FedWatch data, they are expected to raise interest rates by 25 bps. However, gold prices could rise towards $2,000 if the Fed indicates concerns about a recession and signals that there will be a pause in the interest rate hike cycle, said Ajay Kedia, director of Kedia Commodities in Mumbai. Data released on Monday showed that the manufacturing sector in the United States contracted in April, but there was a buildup of inflationary pressures. This supports expectations that the Fed will raise interest rates. The ECB is widely expected to raise interest rates at its seventh straight meeting on Thursday. However, a rate hike could dampen demand for assets such as gold, which is seen as a hedge against economic uncertainty and inflation, as its yield tends to be zero. In the previous session, gold prices briefly rose above $2,000 after JP Morgan bought assets from First Republic Bank. Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co (JPM) on Monday, in a move to resolve the biggest U.S. bank failure since the 2008 financial crisis and resolve a long-running banking turmoil.


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