MTECHTIPS:-Gold Prices Hover Near 3-Week Lows in Busy Week

MTECHTIPS:-Gold Prices Hover Near 3-Week Lows in Busy Week

MTECHTIPS-Gold prices hovered around the unchanged mark on Monday as market participants looked forward to a busy week for economic data along with the latest Federal Reserve policy decision. On the Comex division of the New York Mercantile Exchange, gold for December delivery inched up $0.67, or about 0.05%, to $1.272.44 a troy ounce by 6:17 AM ET (10:17 GMT). That was just off Friday’s intraday low of $1,263.80, its lowest level since October 6. Investors will be focusing on the Fed’s interest rate decision out on Wednesday as they look for fresh clues on the likely trajectory of monetary policy. The U.S. central bank is not expected to make a move this week, with markets putting odds at around 98% for the next hike to come at the end of the year, according to Fed Rate Monitor Tool. Market watchers are also awaiting U.S. President Donald Trump’s decision this week on who will replace Janet Yellen as Fed chair when her term ends in February, with sources saying the pick is likely to be Fed governor Jerome Powell. On Monday, the U.S. is to release reports on personal income and consumer spending for September, which include the personal consumption expenditures inflation data, the Fed’s preferred metric for inflation, at 8:30 AM ET (12:30 GMT). In a major week for economic data, market participants will keep an eye on ISM manufacturing and service sector growth, consumer
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