Gold prices turn lower as Fed meeting looms

Gold bars

Gold prices inched down today, Jan. 27, pressured by a stronger US dollar following US President Donald Trump’s rapid moves towards Colombia, while attention is turning to the Federal Reserve’s meeting this week.

February gold futures shed 0.8% to $2,757 per ounce at 09:49 am Makkah time, after posting gains of 1.1% over the past week. Spot prices also plunged by 0.65% to $2,753.19 an ounce.

March silver futures, likewise, dropped 1.8% to $30.62 per ounce, with platinum spot prices also down 0.85% to $942 per ounce.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, rose 0.27% to 107 points.

But trade tensions limited the yellow metal’s deepening losses, as Trump withdrew threats to impose comprehensive tariffs on Colombia, after reaching an agreement on the return of deported migrants.