Gold Futures Prices Up On Weaker Dollar, But Caution Ahead Of Fed Meeting

Gold Futures Prices Up On Weaker Dollar, But Caution Ahead Of Fed Meeting

US gold futures advanced on Monday after overnight gains during the previous session, while the US dollar softened, but caution before monetary policy decision of the US Federal Reserve maintained a lid on yellow metals prices.

Gold for December delivery on the Comex Exchange tacked on $8.10, or 0.62%, to trade at $1,318.30 a troy ounce.

Spot gold was up 0.4 percent at $1,315.60 an ounce, not far from a low of $1,306.26 hit on Friday.

The Fed is not expected to make a decision on interest rates in completing its policy meeting two days at 2:00 PM ET (18: 00GMT) on Wednesday. Fed Chairman Janet Yellen is to perform what will be a conference tuning close press 30 minutes after the publication of the Fed statement, because investors looking for any change in tone of the economy or future increases rates.

The central bank to also release its latest projections for growth and rates of economic interest.

The markets are now pricing in only a 15% probability of a rate hike this week, according to Fed Rate Monitor Tool Investing.com. By December odds had been of the order of 54%.

Holdings of SPDR Gold Trust, the biggest exchange-traded fund backed by gold in the world, rose 1.11 percent to 942.61 tonnes on Friday.

The hedge funds and money managers reduced their net long positions in COMEX gold contracts in the week to September 13, the US data Commodity Futures Trading Commission showed.

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