Gold rises as dollar falters ahead of Fed meeting

Release date: 2019/6/18 10:29

{International: Al Furat News} Gold prices rose Tuesday as the dollar slipped from several-week highs ahead of the Federal Reserve’s 2-day monetary policy meeting.

By 0525 GMT, spot gold rose 0.2 percent to $ 1341.91 an ounce.

Gold futures in US futures rose 0.2 percent to $ 1345.80 an ounce.

“The sentiment in gold markets is generally positive,” said Helen Lau, analyst at Argonaut Securities. There are expectations that the Federal Reserve will cut interest rates, which has weakened the dollar and remains a major driver of prices. ”

The dollar index, which tracks the performance of the greenback against a basket of major currencies, fell 0.2 percent on Tuesday, reducing the cost of the yellow metal to investors from other currency holders.

The Federal Reserve is due to start its meeting later on Tuesday, and the meeting will be the focus of investors as markets take into account a two-fold rate cut of 25 basis points at a time by the end of the year.

Among other precious metals, spot silver rose 0.2 percent to $ 14.86 an ounce, while palladium rose 0.7 percent to $ 1459.60 an ounce.

Platinum fell 0.6 percent to $ 787.44 an ounce after falling to its lowest level since May 31 at $ 786 earlier in the session.

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