Gold rises, Investing.com, a radar provider that pays attention to investors at the Federal Reserve meeting

Gina Lee

Investing.com-Gold rose in early Asian trading on Monday and the U.S. dollar strengthened. Investors look forward to a report from the Federal Open Market Committee (FOMC) later this week.

As of 12:52 am Eastern Time (4:52 am GMT), it rose 0.28% to US$1,806.90, slightly higher than the psychological level of US$1,800 per ounce. Generally contrary to the trend of gold, it fell slightly on Monday morning, but it is still close to a multi-month high.

It is widely expected that the FOMC will hardly make changes to the Fed’s monetary policy at tomorrow’s meeting, and the decision will be made a day later. However, investors will pay close attention to when the Fed will adopt a more hawkish stance through asset reduction and interest rate hikes.

In terms of data, the data released by the United States on Friday showed that July’s 63.1 was better than expected, but lower than the expected 59.8. In Asia, Japan released its own service industry purchasing managers index earlier in the day.

At the same time, in Europe, more and more countries have strengthened their defenses against the increasing number of COVID-19 cases involving Delta variants and are working to increase their immunity rates.

In the past week, demand for physical gold in India, a major gold center, has been uneven, as price fluctuations discouraged buyers and forced traders to increase discounts to their highest level in nearly a month to encourage purchases.

According to data from the US Commodity Futures Trading Commission, as of the week of July 20, investors also increased the net long position of COMEX gold.

Among other precious metals, silver rose slightly by 0.1%, while palladium and platinum were flat at US$2,671.77 and US$1,061.55, respectively.