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Gold steady ahead of U.S. monetary policy meeting


Monday, 30 July 2018 16:48 WIB

GOLDEMAS Spot EmasEmas berjangka


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Gold steadied on Monday ahead of a meeting of the U.S. Federal Reserve this week which could yield clues to the future direction of U.S. interest rates and the dollar, key factors for precious metal prices.

Spot gold was down about 0.1 percent at $1,221.93 per ounce at 09:09 GMT compared with a one-year low of $1,211.08 hit this month. U.S. gold futures were 0.3 percent lower at $1,219 an ounce.

A higher U.S. currency makes dollar-denominated gold more expensive for holders of other currencies, which could subdue demand. Dollar gains since the middle of April have led to losses of about 10 percent for spot gold.  

The U.S. central bank's two-day meeting which starts Tuesday is expected to keep benchmark interest rates steady after hiking in June, but investors will be looking for clues to the timing of the next rise. Expectations are for two more rate rises this year and three next year.

Source: Reuters


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