Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as the U.S dollar weakened ahead of Federal Reserve meeting this week.
The most active gold contract for December delivery went up 5.90 dollars, or 0.46 percent, to close at 1,277.70 dollars per ounce.
The U.S. dollar Index was down 0.3 percent at 94.598 as of 1820 GMT. This closely tracked dollar index climbed to a more than three-month high Friday as more signs emerged for progress on U.S. President Trump's promised tax cuts, a factor that has rallied the U.S. currency and driven stocks to record highs, depressing gold's price.
Later this week, traders will be keeping an eye on the Federal Open Market Committee when it holds its final monthly meeting before a widely expected rate increase in December. A rate increase could have implications for the dollar, which usually gets a boost from hawkish Fed policy decisions.
Investor bets were last giving a 97 percent probability to the likelihood of a December rate increase, according to data from CME Group.
As for other precious metals, silver for December delivery rose 9.5 cents, or 0.57 percent, to close at 16.847 dollars per ounce. Platinum for January added 8.1 dollars, or 0.89 percent, to settle at 922.70 dollars per ounce.
The most active gold contract for December delivery went up 5.90 dollars, or 0.46 percent, to close at 1,277.70 dollars per ounce.
The U.S. dollar Index was down 0.3 percent at 94.598 as of 1820 GMT. This closely tracked dollar index climbed to a more than three-month high Friday as more signs emerged for progress on U.S. President Trump's promised tax cuts, a factor that has rallied the U.S. currency and driven stocks to record highs, depressing gold's price.
Later this week, traders will be keeping an eye on the Federal Open Market Committee when it holds its final monthly meeting before a widely expected rate increase in December. A rate increase could have implications for the dollar, which usually gets a boost from hawkish Fed policy decisions.
Investor bets were last giving a 97 percent probability to the likelihood of a December rate increase, according to data from CME Group.
As for other precious metals, silver for December delivery rose 9.5 cents, or 0.57 percent, to close at 16.847 dollars per ounce. Platinum for January added 8.1 dollars, or 0.89 percent, to settle at 922.70 dollars per ounce.
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