NEW YORK: Gold prices edged up on Monday as expectations the US Federal Reserve will be accommodative for the rest of the year weighed on the dollar though increased risk appetite limited bullion’s gains.
Spot gold was up 0.3 per cent at $1,304.81 (Dh4,791.8) per ounce by 1031 GMT. US gold futures gained 0.2 per cent to $1,305, report agencies.The Fed will begin its monetary policy meeting on Tuesday, which ends with a news conference on Wednesday.
“With lack of any other news, the inspiration [for gold] is coming from a softer dollar,” Saxo Bank analyst Ole Hansen said.
Gold had a bullish start in 2019 but the momentum has fizzled as risks from the US-China trade dispute abate.