This week’s Federal Reserve policy statement for any indication that the bank is considering slowing the path of interest rate increases this year.
Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $8.50, or 0.78%, to trade at $1,104.80 a troy ounce by 9:00GMT, or 4:00AM ET.
Gold prices rose $7.40, or 0.52%, last week. Prices of the precious metal are up 4% so far this year as investors sought refuge from turmoil in global equity markets.
The Federal Reserve is not expected to take action on interest rates at the conclusion of its two day policy meeting at 19:00GMT, or 2:00PM ET, on Wednesday, but it will be watched for any change in tone about the economy or future rate hikes.
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