Gold slips as share markets gain ahead of Fed meeting
- Gold prices rose for a second straight session on Monday, as the dollar slipped after sombre U.S. data increased chances the Federal Reserve will signal a dovish policy stance at its meeting this week.
The U.S. Fed will begin its meeting on interest rates on Tuesday, which ends with a news conference on Wednesday. Markets currently expect there will be no rate hikes this year, and are even building in bets for a rate cut in 2020. “One of the most important drivers for gold is the U.S. dollar strength and the dollar is in turn beholding to the U.S.-China trade negotiations,” said Michael McCarthy, chief market strategist, CMC Markets, adding $1,290 and $1,310 are the key support and resistance levels, respectively.
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