AA / Istanbul
Gold prices rose in Monday’s trading, after hitting their lowest level in 5 weeks last Friday, as all eyes turn to the US Federal Reserve meeting to determine the direction of the monetary policy over the coming period.
As of 8:05 a.m. (GMT), the yellow metal rose in spot 36 cents, or 0.02%, to trade at $ 1,754.70 an ounce.
Gold futures for December delivery rose 0.18%, or $ 3.2, to $ 1,753.3 per ounce.
Meanwhile, the dollar index rose 0.18% to 93.34 against six other major currencies.
Gold prices fell to their lowest level in five weeks on Friday, amid improving US retail sales, which supported bond yields and strengthened the dollar.
Markets await the US Central Bank’s monetary policy meeting tomorrow Tuesday, which runs through Wednesday, during which the US Federal Reserve’s (FED) plans to reduce monetary support will be unveiled.
An increase in interest rates by the FED or an improvement in the dollar’s exchange rate increases the opportunity cost of owning the yellow metal, which could reduce its attractiveness.
* Translated from Arabic by Wejden Jlassi
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