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Gold Rises, Dollar Slips

Gold Rises, Dollar SlipsGold Rises, Dollar Slips

Gold ticked higher on Monday as the dollar gave back some of its recent gains, but caution ahead of the Federal Reserve policy meeting later this week curbed its advance, Reuters reported. The Fed is not expected to raise interest rates at this week’s meeting but markets will be looking for the US central bank’s take on global economy and its monetary policy outlook. Spot gold rose 0.2% to $1,234.36 an ounce, after dropping 1% on Friday as the dollar rallied. Gold has gained about 16% this year on speculation that the Fed may not be able to raise rates this year on concerns over the Chinese economy and volatility in global markets.

Financialtribune.com