MTECHTIPS;-Gold rises to highest in a month ahead of busy week

MTECHTIPS;-Gold rises to highest in a month ahead of busy week

MTECHTIPS-Gold prices rose to their highest level in around a month in European trade on Monday, as market players looked ahead to a busy week of economic events, including a Federal Reserve policy decision and U.S. second quarter growth data. Comex gold futures touched its highest since June 26 at $1,257.41 a troy ounce in overnight trade. It was last at $1,253.21 by 2:50 AM ET (0650 GMT), down $1.60, or about 0.1%. Prices logged a gain of more than 2% last week, as ongoing political turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal. In the coming week, global financial markets will focus on the outcome of Wednesday’s Federal Reserve policy meeting for any new insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its massive balance sheet. There are also several key U.S. economic reports, with the biggest being second quarter GDP due on Friday. Besides the GDP report, this week’s calendar also features U.S. data on both existing and new home sales, as well as consumer confidence, durable goods orders and weekly jobless claims.

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119