Release date: 2019/7/29 11:44
The price of gold has stabilized Monday, ahead of the Federal Reserve meeting scheduled for later this week, which will be watched by markets for any signs of monetary easing in the world’s largest economy.
By 0613 GMT, the price of gold in spot transactions had not changed significantly to settle at $ 1417.72 an ounce.
Prices fell about half a percent during 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 an ounce.
The US central bank is expected to cut the key interest rate by at least 25 basis points at its July 30-31 meeting. 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 direct 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% to $ 16.35 an ounce, while palladium dropped 0.6% to $ 1526.95 an ounce.
Platinum rose 0.6% to $ 864.71 an ounce