Gold was little changed, after falling the previous two days, as investors weighed signs of an improving U.S. economy against tension over Ukraine and in the Middle East.
The Federal Reserve concludes a two-day meeting today. Data are forecast to show the U.S. economy rebounded last quarter, and the dollar reached an almost eight-week high against 10 major currencies. Interest-rate increases may come “sooner and be more rapid than currently envisioned” if the labor market continues to improve more quickly than anticipated, Fed Chair Janet Yellen told lawmakers this month.
Geopolitical tensions helped gold gain 8.1 percent this year. The U.S. and European Union sought to put more pressure on Russia by targeting banking, energy and defense industries for sanctions in another attempt to get President Vladimir Putin to back down in Ukraine. Hamas’s military chief ruled out a truce in the Gaza Strip until Israel lifts its blockade of the Palestinian territory, as the military’s bombardment intensified.
Silver for immediate delivery rose 0.2 percent to $20.6073 an ounce in London. Platinum was little changed at $1,480.88 an ounce. Palladium rose 0.3 percent to $882.64 an ounce. It reached a 13-year high of $889.75 on July 17.
Platinum and palladium have gained this year as restricted output from a five-month mine strike that ended in June in South Africa, the biggest platinum producer, and rising usage in cars added to supply shortages. Russia is the top palladium supplier, with South Africa the next largest.
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