Gold prices rose on Monday supported by a weaker dollar, while investors looked forward to the U.S. Federal Reserve policy meeting later this week for more cues on stimulus measures and inflation target.
Spot gold was up 0.2% at $1,944.69 per ounce by 0647 GMT. U.S. gold futures rose 0.3% to $1,953.20.
“The gold market is leaning towards the Fed’s (policy),” said Stephen Innes, chief market strategist at AxiCorp, adding that the U.S. central bank might not change the current narrative, but there is a strong belief in the market that it would be able to trigger inflation.
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