MTECHTIPS;-Gold down in Asia with Fed meeting this week in focus

MTECHTIPS;-Gold down in Asia with Fed meeting this week in focus

MTECHTIPS-Gold prices fell in Asia on Monday with views ahead of the June policy review by the Fed key for the precious metal. Gold for August delivery dipped 0.21% to $1,268.75 at troy ounce on the Comex division of the New York Mercantile Exchange. In the week ahead, investors will be turning their attention to Wednesday’s Federal Reserve policy meeting, where the central bank is widely expected to deliver its second rate hike so far this year. Markets will also be watching central bank meetings in the UK, Japan and Switzerland. Last week, gold prices fell for a third day on Friday as the stronger dollar weighed after British elections failed to deliver a clear majority for Prime Minister Theresa May, sending sterling sharply lower. The shock UK election result added to political risks surrounding the upcoming Brexit negotiations, due to start on June 19, sending sterling tumbling. That, along with a drop in the euro, pushed the dollar higher against a basket of the other major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures, which are denominated in the U.S. currency, will rise. The dollar index plumbed seven-month lows earlier in the week amid caution ahead of former FBI Director James Comey’s testimony and the UK election. Investing.com’s Fed rate monitor tool widely sees a rate hike.
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