Gold futures edged higher Monday, recovering a fraction of the heavy losses sustained at the end of last week as traders awaited the outcome of a Federal Reserve meeting on U.S. monetary policy.
After briefly touching a high above $1,730, gold for December delivery GCZ2 +0.16% lately advanced $4.10, or 0.2%, to $1,728.10 on ounce on the Comex division of the New York Mercantile Exchange.
"Gold is hanging in a trading range with a slight upward slant with bargain hunters buying ahead of a two-day [Federal Open Market Committee] meeting this week," said Jeffrey Wright, managing director at Global Hunter Securities.
The Fed's policy-setting arm will begin its meeting on Tuesday, with a formal statement set for release on Wednesday.
On Friday, gold futures dropped by more than $20 an ounce, pressured by a stronger dollar following a disappointing clutch of corporate earnings and economic data that sent investors into safe havens. . .View Full Article