Gold futures settled marginally higher Monday as a key policy meeting by the Federal Reserve, set to kick off Tuesday, loomed.
August gold settled $1.10, or 0.1%, higher at $1,420.40 an ounce, while December futures , another popular contract, also edged $1.10 higher, or less than 0.1%, to finish at $1,433.30/oz.
The rate-setting Federal Open Market Committee is widely expected to cut rates by at least 25 basis points at the conclusion of its two-day policy gathering on Wednesday, even as recent data showed that the U.S. economy grew at a healthy annualized pace of 2.1% in the second-quarter, higher than the 1.9% pace forecast from MarketWatch polled economists.
Gold has enjoyed gains on the back of a dim outlook for the health of the global economy and the prospect of lower, and in some cases negative fixed-income rates, sweeping the globe.
Source : MarketWatch