Investing.com – Gold prices hovered around the unchanged mark on Friday as market participants looked forward to a busy week for economic data along with the latest Federal Reserve policy decision.
On the Comex division of the New York Mercantile Exchange, for December delivery inched up $0.67, or about 0.05%, to $1.272.44 a troy ounce by 6:17AM ET (10:17GMT).
That was just off Friday’s intraday low of $1,263.80, its lowest level since October 6.
Investors will be focusing on the Fed’s interest rate decision out on Wednesday as they look for fresh clues on the likely trajectory of monetary policy. The U.S. central bank is not expected to make a move this week, with markets putting odds at around 98% for the next hike to come at the end of the year, according to Investing.com’s .
Market watchers are also awaiting U.S. President Donald Trump’s decision this week on who will replace Janet Yellen as Fed chair when her term ends in February, with sources saying the pick is likely to be .
On Monday, the U.S. is to release reports on and for September, which include the , the Fed’s preferred metric for inflation, at 8:30AM ET (12:30GMT).
In a major week for economic data, market participants will keep an eye on and , , ,
, , , as well as .
However, the major data release will arrive on Friday with the publication of the October .
Looking ahead to the busy week, gold found some support from the as market participants took profit in the greenback on Monday after staging its biggest weekly rally this year.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, lost 0.16% at 94.57, by 6:17AM ET (10:17GMT), pulling back from a 3-month high of 95.06 reached on Friday.
Gold is sensitive to a stronger dollar as the gains in the greenback make the precious metal more expensive for holders of foreign currency.
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Source: Investing.com