Gold ticks up as dollar slips ahead of Fed meeting
Shafaq News / Gold prices inched higher on Monday as the U.S. dollar eased, while market participants globally awaited a slew of central bank meetings with the main focus on the Federal Reserve.
Spot gold rose 0.3% to $1,932.84 per ounce, as of 0457 GMT. U.S. gold futures were up 0.2% at $1,932.80.
The dollar index dropped 0.1%, making greenback-priced bullion more attractive for buyers holding other currencies.
At the end of the Fed’s Jan. 31-Feb. 1 meeting, traders are broadly expecting the U.S. central bank to scale back its rate hikes to 25 basis points (bps) from 50 bps in December.
“The main focus will be on the tone that Fed Chair Jerome Powell will strike in his speech,” said Ilya Spivak, head of global macro at Tastylive.