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Gold Prices Rise Ahead of Key Federal Reserve Meeting
In early Asian trading on Monday, gold prices edged up as investors anticipated a crucial U.S. Federal Reserve meeting that could result in a pause on interest rate hikes after July.
FUNDAMENTALS
Spot gold rose to $1,961.27 per ounce by 0049 GMT, gaining nearly 0.3% last week.
U.S. gold futures fell 0.2% to $1,963.10.
The dollar index remained steady near its over one-week peak, which was reached on July 20, limiting the rise in gold prices, as a stronger dollar makes the metal more expensive for holders of other currencies.
This week, the Federal Reserve, the European Central Bank (ECB), and Bank of Japan decisions are all expected within a 48-hour period from Wednesday to Friday.
Markets have already factored in quarter point hikes from the Fed and ECB, so the focus will be on statements by Fed Chair Jerome Powell and ECB President Christine Lagarde about future monetary policies.
Higher interest rates increase the opportunity cost of holding non-yielding bullion.
China's Politburo meeting this week could lead to more stimulus announcements, though investors have been underwhelmed by Beijing's actions so far.
The Bank of Japan is expected to keep its monetary and yield control policy unchanged, according to economists polled by Reuters.
Physical gold demand stalled in India during the week ending July 21, while bullion was sold at high premiums in China, the top consumer.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported a 0.57% increase in holdings to 919.00 tonnes on July 21 from 913.80 tonnes on July 20.
GOLD BUY 1959- 1961💯💯
✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1953
FUNDAMENTALS
Spot gold rose to $1,961.27 per ounce by 0049 GMT, gaining nearly 0.3% last week.
U.S. gold futures fell 0.2% to $1,963.10.
The dollar index remained steady near its over one-week peak, which was reached on July 20, limiting the rise in gold prices, as a stronger dollar makes the metal more expensive for holders of other currencies.
This week, the Federal Reserve, the European Central Bank (ECB), and Bank of Japan decisions are all expected within a 48-hour period from Wednesday to Friday.
Markets have already factored in quarter point hikes from the Fed and ECB, so the focus will be on statements by Fed Chair Jerome Powell and ECB President Christine Lagarde about future monetary policies.
Higher interest rates increase the opportunity cost of holding non-yielding bullion.
China's Politburo meeting this week could lead to more stimulus announcements, though investors have been underwhelmed by Beijing's actions so far.
The Bank of Japan is expected to keep its monetary and yield control policy unchanged, according to economists polled by Reuters.
Physical gold demand stalled in India during the week ending July 21, while bullion was sold at high premiums in China, the top consumer.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported a 0.57% increase in holdings to 919.00 tonnes on July 21 from 913.80 tonnes on July 20.
GOLD BUY 1959- 1961💯💯✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1953
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