Fed Decision Looms Over Gold, Silver Prices Amid Softening Oil
Gold and silver prices are rising in early U.S. trading on Wednesday, as softer crude oil prices and a modest easing in Treasury-yield pressure help precious metals recover ahead of the Federal Reserve's rate decision.
The latest positioning remains centered on the Fed's 2 p.m. ET policy decision, Chair Kevin Warsh's press conference, and updated rate projections.
August retail sales rose 1.2%, above expectations for a 0.7% gain, while the control group rose 1.4%, keeping the consumer side of the economy firmer than expected.
The NAHB housing market index at 10 a.m. ET is the remaining data point before the Fed announcement, and gold and silver are trading better because oil and yields have stopped rising for now, not because the rate risk has disappeared.