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Gold prices were modestly higher on Monday, adding to last week’s gains, as a rally in the U.S. dollar that has weighed on the yellow metal appeared to stall ahead of a Federal Reserve policy meeting.
Price action
-
Gold futures for December delivery
GCZ23,
-0.03% GC00,
-0.03%
gained $1.70, or 0.1%, to $1,948 per ounce on Comex. -
Silver futures for December delivery
SIZ23,
-0.41% SI00,
-0.41%
were flat at $23.39 per ounce. -
Platinum futures for October
PLV23,
+0.75%
gained $7.30, or 0.8%, to $936 per ounce, while palladium futures
PAZ23,
-0.61%
shed $6.20, or 0.5%, to $1,246.50. -
Copper for December delivery
HGZ23,
-0.64%
shed 0.1% to $3.80 per pound.
Market drivers
Precious-metals prices were seeing subdued moves on Monday, with Japanese traders out on holiday and investors around the world waiting to hear from Federal Reserve Chairman Jerome Powell.
“Gold and silver prices are just a bit higher in early U.S. trading Monday. The precious metals markets are pausing early this week, ahead of this week’s key FOMC meeting,” said Jim Wyckoff, senior analyst at Kitco.com.
The Fed’s two-day September policy meeting concludes on Wednesday. The central bank is expected to leave interest rates on hold.
The ICE U.S. Dollar Index
DXY,
a gauge of the greenback’s strength against a basket of rivals, was flat at 105.34.
