Bars of gold are seen at Krastsvetmet, one of the world's largest producers of precious metals, in Moscow, January 31, 2023.
Gold prices edged higher on Monday as investors priced in a pause in interest rate hikes by the Federal Reserve at its policy meeting this week, with a focus on the U.S. central bank's rate outlook.
Asian shares fell, making gold more attractive for investors ahead of policy decisions by the Fed on Wednesday, Bank of England on Thursday and the Bank of Japan on Friday.
Gold, which offers no yield, tends to fall out of favor among investors when interest rates rise.
Chinese gold prices hit record highs last week, extending a months-long rally as consumers snap up the safe-haven asset to offset a depreciating yuan.
Persons:
Tim Waterer, won't
Organizations:
Federal Reserve, U.S, Fed, Bank of England, Bank of Japan, KCM Trade, Securities
Locations:
Moscow