Gold prices fell below $2,000 ahead of the Fed meeting

Today, gold prices continue to hold below the important $2,000 level, as investors have become more cautious about non-profitable assets before the last meeting of the US Federal Reserve System this year. The current gold price is $1993.80 per ounce. The daily low was marked at $1988. 

Recent signs of a strengthening labor market and slowing inflation in the United States have dampened expectations that the Fed will cut interest rates by the end of the year. It is expected that the regulator will leave the rate at the current level, but the forecast for 2024 remains uncertain.

The main attention of the market is focused on the comments of the head of the Fed, Jerome Powell, regarding further interest rate changes this year. Powell, although he adheres to a «hawkish» policy, acknowledged significant progress in the fight against inflation. Nevertheless, inflation in the United States remains above the Fed's target of 2% per year.

Among other metals, copper prices also continue to decline, especially due to uncertainty about copper demand in China, its main importer. Copper futures for March fell 0.4% to $3.7782 per pound.

Signals of deteriorating economic conditions in China have caused concern in the copper market, as investors fear a decline in demand. Despite promises of additional stimulus measures from Chinese officials, the market remains wary, given that Beijing is delaying the adoption of support measures this year.