Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Commodities - Gold Prices Start the Week on Back Foot as Focus Turns to Fed

Published 09/18/2017, 03:41 AM
Updated 09/18/2017, 03:41 AM
© Reuters.  Gold edges lower to start the week

© Reuters. Gold edges lower to start the week

Investing.com - Gold prices started the week on the back foot on Monday, sliding to their lowest level since the end of August, as investors looked ahead to a Federal Reserve policy meeting for insights into the outlook for monetary policy.

Comex gold futures were at $1,320.02 a troy ounce by 3:40AM ET (0740GMT), down $5.30, or around 0.4%. It fell to its lowest since Aug. 31 at $1,318.48 earlier in the session.

The yellow metal lost nearly 2% last week, its first weekly decline in a month, as investor interest in riskier assets, such as stocks, found buying interest.

A key focus for markets this week is the Federal Reserve's two-day policy meeting that ends on Wednesday.

The Fed is widely expected to keep interest rates unchanged this week, but is likely to announce a plan to start shrinking its massive $4.5 trillion balance sheet in an effort to normalize policy.

Markets will also be looking for further clues on the timing of the next Fed rate hike, with around 60% of market players expecting a move by December, according to Investing.com's Fed Rate Monitor Tool.

Besides the Fed, developments on the Korean Peninsula are likely to continue attracting attention.

U.S. President Donald Trump referred to North Korean leader Kim Jong-Un as "Rocket Man" in a tweet on Sunday as other U.S. officials continued to reiterate that "all options" were on the table in dealing with the hermit state.

Trump is expected to address world leaders at the United Nations on Tuesday, where he is expected to seek support for tougher measures against Pyongyang.

Elsewhere on the Comex, silver futures inched down 9.3 cents, or about 0.5%, to $17.60 a troy ounce.

Among other precious metals, platinum shed 0.2% to $969.50, while palladium tacked on roughly 0.6% to $926.88 an ounce.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.