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 – www.instaforex.com

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