Gold Prices Dip, Futures Rise Ahead of Fed Decision
The global gold market saw a slight dip on Monday, with spot gold prices falling to $4,091.91 per ounce. However, U.S. gold futures managed to gain $25.10, or 0.62 percent, reaching $4,095 per ounce.
This fluctuation in the price of gold comes as investors are awaiting the Federal Reserve's policy decision this week. Economists and market participants expect policymakers to leave interest rates unchanged, although traders have been pricing in an approximately 80 percent probability of a rate increase in September.
The recent developments in the U.S.-Iran conflict may also be influencing gold prices. Tim Waterer, chief market analyst at KCM Trade, attributed the metal's gains to simultaneous declines in oil and the dollar, as hopes for de-escalation between the two nations grew.