Investing.com – Gold prices barely registered a change on Monday, losing strength after five consecutive sessions of gains, with investors remaining cautious despite expectations the Federal Reserve will give some indication of a relaxation of monetary policy.
Comex's for August delivery are located on the New York Mercantile Exchange as soon as they posted variances to $ 1,344.15 per troy ounce at 16:08 CET.
While the Fed is not expected to change interest rates in its ruling on Wednesday, analysts expect US central bank president Jerome Powell to present more cautious predictions.
"The raw material with the clearest fundamentals may be gold now as it looks sure to beat the $ 1,400 test this week against expectations of a cut in the Fed rate," the analyst said. Investing.com senior raw materials, Barani Krishnan.
Markets have been raising expectations that the Fed will cut interest rates in July as signs of a weakening global economy, low inflation in the US and concerns about rising rates. will aggravate the global slowdown.
Gold generally benefits from low interest rates that reduce the opportunity cost of maintaining gold, which carries no interest.
Geopolitical tensions also supported the precious metal, considered a safe haven, with no indication of a possible reduction in the intensification of trade tensions.
Over the weekend, US Secretary of Commerce Wilbur Ross appears to have ruled out the possibility of an agreement between US President Donald Trump and his Chinese counterpart Xi Jinping on June 28 and 29. G20 Summit. Ross emphasized that Trump is "completely happy" with his current pricing strategy.
The tensions also show no signs of cold in the Middle East. Soon after US Secretary of State Mike Pompeo accused Iran of being responsible for the attacks on two oil tankers last week, Tehran said it would exceed the internationally accepted limit of its enriched uranium stocks within 10 days unless the Europe to take action to help mitigate the economic impact of US sanctions.
Pompeo pointed out that the United States was studying a "wide range of options," but emphasized that Trump did not want to go to war.
As for the trade of other precious metals, they are up 0.3% to $ 14.845 per troy ounce at 16:09 (CET).
It is down 0.5% to $ 1.454.10 per ounce, while it is down 1.4% to $ 793.20 per ounce.
For base metals, the target is an increase of 0.4% to $ 2,641 per pound.