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Gold Inches Up, Fed Meeting On The Radar

Published 07/28/2015, 04:48 AM
Updated 07/09/2023, 06:31 AM
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Precious-Gold inched up on Tuesday trading, after falling near its lowest level since early 2010 on Monday, with investors keeping their eyes on the Federal Reserve meeting that starts today.

The yellow metal hit a high of $1098.59 an ounce, while it currently trading at $1095.89, after opening at $1094.78.

The Federal Reserve will begin their two-day policy meeting on Tuesday, where investors will wait for any clues about the timing of raising borrowing cost.

Data released on Monday showed that U.S. durable goods advanced a seasonally adjusted 3.4% in June from a revised of -2.2 percent in May, above analysts forecast of a 3.2 percent increase.

The dollar rose against a basket of major currencies to hit a high of 96.90, rising from a low of 96.35 hit on Monday, according to the dollar index.

The Shanghai Composite Index plunged 8.5 percent on Monday, the sharpest drop in one session since February 2007, while resumed its fall on Tuesday.

It is worthwhile to mention that gold has not been benefiting from either the Chinese stocks rout or the turmoil in Greece, as it has lost its safe haven characteristic.

Crude oil extended its drop for a fifth straight session to trade around $46.77 a barrel.

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