Gold edges higher ahead of Fed policy meeting

Gold bars

Gold prices rose on Tuesday ahead of the US Federal Reserve’s two-day policy meeting, which begins today and concludes on Wednesday, with markets largely expecting interest rates to be held steady, despite calls from President Donald Trump for a cut.

August gold futures rose 0.15%, or $5.30, to $3,315.3 an ounce. Spot gold also gained 0.15%, or $5.12, to trade at $3,319.73 an ounce at 09:11 a.m. Mecca time.

The US dollar index, which tracks the greenback against a basket of six major peers, was flat at 98.70.

Elsewhere in precious metals, September silver futures rose 0.25% to $38.33 an ounce. Spot platinum climbed 0.15% to $1,398.76, while spot palladium slipped 0.4% to $1,232.15.

Investors are also watching for key US economic data this week, including job openings, the Conference Board’s consumer confidence index, and the Fed’s preferred inflation gauge.