Gold maintains for the fourth consecutive session at the levels of 1,700 dollars per ounce, trading at 1718 dollars this morning, Wednesday, the 27th of July, an increase of about 0.07%, just hours before the Federal Reserve meeting, which began discussing monetary policy developments and raising interest rates yesterday, and it will be announced today, Wednesday in the US session.

The yellow metal ignored the gains of the general index of the US dollar, which exceeded 0.60% since the beginning of the session yesterday, Tuesday. It is estimated that the US Federal Reserve will raise interest rates by 75 basis points for the second time in a row, after raising it in June, at the largest rate since 1994. There is still a 25% chance that the Fed will raise rates by 100 basis points.

The prices of the yellow metal are moving directly with the US Federal Reserve’s movements today, Wednesday, as the main focus will be with the press conference of Jerome Powell, the US Federal President, whether the expectations were true and the increase was raised by 75 basis points, as the attention will turn towards any sign of the September meeting, and thus the future outlook for gold is formed.

On the other hand, the International Monetary Fund, in its latest forecast, cut its global growth forecast for the current year on Tuesday to 3.2%, compared to 3.6% in the April estimates, and to 2.9% next year from 3.9%.

It also lowered its forecast for the growth of the US economy to 2.3% in the year. next, compared to 3.7% in its previous forecast.

Silver, in turn, is settling at its lowest level in two years, trading at levels of $18.62 an ounce, with a slight increase of 0.05%.

Platinum is trading down by about 0.17%, at levels of $872, while palladium is down by about 0.38%, at levels of $2.003.