Gold is at a two-week low pending the Fed’s decisions

Gold closed lower in two weeks on Tuesday as investors awaited the announcements of the US Federal Reserve tomorrow, Wednesday, after the conclusion of the monetary policy meeting of the bank.

Fed Chairman Jerome Powell said last month that the bank should turn its attention to curbing inflation after the latest price rally.

Analysts now expect the central bank to start raising interest rates earlier than expected in order to control inflation, which has climbed to its highest level since 1982.

Pending the Fed’s decision, the February gold contract lost $ 16, or 0.9%, and closed at $ 1,772.30 an ounce on the New York Mercantile Exchange. This is the lowest level since December 2nd.

Silver suffered the biggest losses, with the March contract losing 40 cents or 1.8% to $ 21,924 per ounce. March copper, meanwhile, fell 0.6 percent to $ 4,258 a pound.

As for the rest of the metals, January platinum lost 1.5% to $ 910.90 while March palladium plunged 3.1% to $ 1,622.70 an ounce.

The European Central Bank, the Bank of England and the Bank of Japan are also meeting this week.