Forexpros - Gold prices steadied in Asian trading on Wednesday, as traders brushed off a string of delays involving Greece and its efforts to restructure its debt and instead focused on the U.S. Federal Reserve, which will communicate its monetary policy decisions within a day.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,667.25 a troy ounce, up 0.17%.     

Gold futures were likely to test support at USD1,645.15 a troy ounce, Friday's low, and resistance at USD1,681.65, Monday's high.

Greece hit a fresh snag in its negotiations with private creditors earlier on Tuesday, as both sides remain unable to agree on terms surrounding restructuring the country's debt.

The longer talks go on without fruition, the higher the chances of a larger and messier default become, according to market watchers. 

However, upon opening for business in Asia on Wednesday, the market brushed off Greek concerns and instead focused on the U.S.

The Federal Reserve's monetary policy group will announce its decision on interest rates later in the U.S., and although changes to benchmark lending rates are not expected, language suggesting a need for further loose monetary policy tools like quantitative easing remain a very real possibility.

Even if the Fed says nothing new at all, no change in policy all means monetary policy remains accommodative, which historically translates into a weaker dollar and stronger gold.

Elsewhere on the Comex, silver for March delivery was up 0.49% and trading at USD32.133 a troy ounce, while copper for March delivery was up 0.56% and trading at USD3.832 a pound.

• Wall Street all in on further gains for gold, Main Street grows more bullish for next week’s price action   (2024-10-19 10:12:59)
• Gold shines as ultimate safe-haven asset, set to hit $3,000/oz by 2025 – Bank of America   (2024-10-19 10:07:32)
• Gold and silver to rally through the end of 2024, copper likely to lag – Prosper’s Scott Bauer   (2024-08-15 06:23:01)
• Wall Street experts see gold gaining on renewed recession fears, Main Street bullishness not far behind   (2024-08-04 16:15:53)
• Phố Wall chứng kiến ​​đà tăng giá vàng mới vào tuần tới, tâm lý lạc quan của Phố Main tăng lên   (2024-07-27 17:29:24)
• Wall Street sees renewed momentum for gold prices next week, Main Street’s bullish sentiment increases   (2024-07-27 17:26:59)
• Wall Street is balanced and cautious on gold next week, Main Street remains optimistic about price gains   (2024-07-20 08:49:41)
• September rate cut and Trump policies are boosting gold demand – FX Empire’s Ali   (2024-07-19 05:12:10)
• Gold price will average $2,500 per ounce in Q4 2024 as bull case remains intact despite sharp gains – JPMorgan   (2024-07-18 11:18:51)
• Wall Street sees green lights for gold next week; Main Street jumps back on the bullish bandwagon   (2024-07-06 04:25:55)