Gold Edges Higher with Spotlight on Fed Meeting
Gold prices inched higher on Monday as investors anticipated a potential interest rate cut by the Federal Reserve this week, with focus on the central bank's language on rate cuts for next year.
Spot gold was up 0.1% to $2,650.86 per ounce as of 0532 GMT. Meanwhile, U.S. gold futures slipped 0.2% to $2,669.00.
Investors view it as a near-given that the Fed will cut rates by a quarter point at its Dec. 17-18 meeting. However, markets only priced in an 18% chance of a reduction in January, according to CME's FedWatch tool.
Elsewhere, on the geopolitical front, Israeli strikes in Gaza killed at least 53 Palestinians, while the Israeli military said its air and ground forces in the north of the enclave killed dozens of militants and captured others.
Non-yielding bullion tends to shine in a lower interest rate environment and during economic or geopolitical uncertainty.
Spot silver slipped 0.2% to $30.50 per ounce, platinum shed 0.6% to $918.90, while palladium was steady at $953.10.
Source : Reuters
