Gold sticks to 3-week minimums in busy week

Gold sticks to 3-week minimums in busy week

On Monday, gold hovered around the intact mark because investors looked forward to a busy week for economic reports in addition to the latest Fed policy decision.

In New York, December delivery gold futures tacked on 0.05% reaching $1.272.44 a troy ounce.

It turned to be off Friday’s intraday minimum of about $1,263.80, which is its lowest value since October 6.

Market participants are going to focus on the Fed’s interest rate verdict out on Wednesday because they require fresh clues on the probable trajectory of monetary policy. The Fed isn’t actually believed to make a move this week, with financial markets putting odds at approximately 98% for the next rate lift to emerge at the end of 2017.

Additionally, this week investors are waiting for Donald Trump's decision on who will replace current Fed Chair Janet Yellen when her term expires in February, with sources telling the most real nominee is Jerome Powell.

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