Gold rose for a third day amid expectations of dovish signals for monetary policy from the Federal Reserve as it meets this week.
Spot gold +0.1% to $1,305.49/oz at 7:42am in London after +0.6% in previous 2 days. Palladium as much as +0.6% to record $1,588.77/oz. Bloomberg Dollar Spot Index steady after -0.2% on Monday.
The Fed is expected to hold interest rates steady, announce plans for the end of the asset roll-off from its balance sheet, and lower projections for the number of interest-rate hikes this year. The decision is due Wednesday.
Meanwhile, palladium extended this year’s gain to reach an all-time high as automakers grapple with an ongoing shortage of the precious metal used in catalytic converters.
Source : Bloomberg