Gold settles with anticipation of Fed meeting and attention on trade talks

 Arab and international

Economy News _ Baghdad

Gold prices have stabilized ahead of the Fed meeting scheduled for later this week, which will be watched by markets for any signs of monetary easing in the world’s largest economy.

There was little change in the spot gold price to settle at $ 1417.72 an ounce, and prices fell about half a percent the previous week, under pressure from the strength of the dollar and strong US economic data.

The price of gold in US futures contracts also settled at 1419.30 dollars an ounce.

The US central bank is expected to cut the key interest rate by at least 25 basis points at its meeting on July 30 and 31, and investors will also look for signs of possible further cuts in the future.

Meanwhile, US-China trade talks are moving to Shanghai this week as negotiators of the two countries meet for their first face-to-face talks since the two-party truce at the G20 summit. Expectations show little chance of a breakthrough.

Among other precious metals, spot silver fell 0.2 percent to $ 16.35 an ounce, while palladium dropped 0.6 percent to $ 1526.95 an ounce.

Platinum rose 0.6 percent to $ 864.71 an ounce.

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