MTECHTIPS:-Gold starts busy week on upbeat note

MTECHTIPS:-Gold starts busy week on upbeat note

MTECHTIPS-Gold prices rose to their highest level in around a month in North American trade on Monday, ahead of a busy week of economic events, including a Federal Reserve policy decision and U.S. second quarter growth data. In recent trading, Comex gold was at $1,258.03 a troy ounce by 8:40 AM ET (1240 GMT), up $3.20, or around 0.3%. It touched its highest since June 26 at $1,258.60 earlier in the session. Futures notched their sixth gain in a row on Friday, matching the streak of wins logged through May 17. Prices of the yellow metal 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

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