Gold prices inched higher on Monday as the dollar index weakened, heading into the FOMC meeting.

Spot gold edged up 0.2 percent to $1,779.95 per ounce, while U.S. gold futures were up 0.1 percent at $1,780.10.

The dollar slumped to an almost eight-week low against other major currencies amid speculation that Fed Chair Jerome Powell will stick to the stance of super-easy monetary policy while the Federal Open Market Committee (FOMC) ends its two-day meeting on Wednesday.

Amid signs of rising inflation, markets will be hanging on his every word at the press conference.

In economic releases, reports on durable goods orders, consumer confidence and personal income and spending may attract attention along with the preliminary reading on first quarter GDP.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.