Gold on, with all eyes on the coverage resolution of the Federal Reserve

© Reuters.

From Gina Lee – Gold was on the up in Asia on Wednesday morning. Investors monitored progress in US stimulus measures and the policy decision of the Federal Reserve. Rapid progress in the adoption of COVID-19 vaccines also raises hopes for a rapid economic recovery.

rose 0.29% to $ 1,860.65 by 12:04 p.m. ET (4:04 p.m. GMT). The holdings in the SPDR Gold Trust (P 🙂 fell 0.10% to 1,170.15 tons on Tuesday.

After regulatory approval for Pfizer Inc (NYSE 🙂 and BioNTech SE (F 🙂 COVID-19 vaccine BNT162b2 in the past two weeks, Modern Inc (NASDAQ 🙂 mRNA-1273 offering is expected to receive regulatory approval later this week. The US has also expanded its roll-out program for BNT162b2.

Europeans are also expected to be vaccinated before 2021 as the European Medicines Agency accelerates its approval process on Tuesday.

Back in the US, negotiations on recent US stimulus measures continued as Republicans and Democrats finalized a spending bill for fiscal year beginning October 1. This spending bill must be passed by the Friday before measures are avoided if the government is shut down.

The Fed is widely expected to keep rates near zero and signal where rates will go in the years to come when it concludes its two-day meeting later in the day. Some investors are also expecting new guidance on a timetable for the Fed’s massive bond-buying program.

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