Gold eyes Fed policy, further development in Middle East conflicts

Gold price looks for a direction as the focus shifts to Fed policy. A no-change interest rate decision from the Fed is widely expected but with the possibility of further rate hikes ahead. The Israeli defense forces gradually in Gaza to demolish Hamas. The near-term demand for the precious metal is bullish as Middle East tensions are seen escalating further. The Israeli military troops are gradually entering Gaza for the ground assault to root out Hamas.

The near-term appeal for the Gold price remains upbeat as Israeli defense forces (IDF) prepare for a ground assault in Gaza to dismantle Palestine military troops in retaliation for airstrikes from Hamas. The IDR moves gradually in Gaza to keep hopes of the release of more than 200 hostages alive. Meanwhile, the World Gold Council (WGC) reported that gold demand by Indian jewelers fell annually due to higher prices.

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