UNITED STATES (VOP TODAY NEWS) — Gold prices rose for a second straight session on Monday as the dollar fell after negative US data boosted opportunities for the US Federal Reserve to adopt a stance that tends to ease monetary policy at its scheduled meeting this week.
Spot gold rose 0.2 percent to $ 1303.92 an ounce by 0804 GMT. Gold futures gained 0.1 percent to $ 1303.80 an ounce.
The US central bank will start its interest rate meeting on Tuesday and the meeting will end with a press conference on Wednesday.
US manufacturing output fell for the second straight month in February and factory activity in New York State hit its lowest level in almost two years this month, demonstrating the importance of the US central bank’s “patience” stance on further increases In interest rates this year.
Markets are now expecting no rate hikes this year, and they are even betting on a cut in interest rates in 2020.
The dollar index fell 0.2 percent after hitting its biggest weekly drop since early December last week.
For other precious metals, palladium rose 0.1 percent to $ 1562.01 an ounce, near the record high of $ 1567.50 last session.
Silver rose 0.4 percent to $ 15.33 an ounce, while platinum rose 0.5 percent to $ 832.25 an ounce.
This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.
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