Gold Rises Slightly Awaiting Fed Report

Gold prices rose on Tuesday, restoring some of its losses yesterday but failed to restore the $1,800 mark, with all eyes on the Federal Reserve policy meeting.

With the U.S. Dollar (USD) moving into negative territory during the American session, the yellow metal was able to make some modest gains but was trading mostly in a limited range, as data showed a return in U.S. consumer confidence to its pre-pandemic level.

Gold futures for August delivery added 60 cents, or 0.03%, to close at $1,799.80 per ounce.

Yesterday, gold futures declined to its lowest closing level in about three weeks, going below the $1,800 level for the first time since July 6.

The two-day policy meeting by the U.S. central bank is concluding tomorrow and markets are awaiting signals for changes in monetary policy, with members of the Federal Open Market Committee (FOMC) expected to begin discussions on tapering the asset purchases, currently at $120 billion a month.