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Gold fights for direction as Fed Keeps prizes in control by Investing.com



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Investing.com – Gold prices came ahead on Tuesday, turning higher from near the unmarked market to weak US data.

But the upcoming policy decision of the Federal Reserve and a stronger dollar keeps bullish traders in & # 39; e control.

for delivery in August at & # 39; a Comex division from & # 39; The New York Mercantile Exchange raised $ 1.50, or 0.1%, to $ 1,428.40 in a troy ounce by 10:26 AM ET (14:26 GMT).

Gold underwent a Bullish movement, and moved intraday high to the release of weak US economic data. A fall in both June and the regional for the Richmond area in July may have anticipated the expectations of the Fed rate, but the response of & # 39; a pinch chase soon.

Gold prizes were also held in the midst of a stronger US dollar, which was attributed to a US presidential debt president Donald Trump and Congress leaders.

The two-part deal, pending approval by both chambers of Congress, would place the path for more government spending by at least 2021 and prevent the threat of a government shutdown in that time frame.

The one that strengths the greenback against a weighted trading weight of six major currencies was 0.4% to 97.35 by 10:27 AM ET (14:27 GMT) ).

In a stronger greenback, it is normally damaging to the metal in dollars, which is more expensive for foreign currency holders.

Investing.com's senior commodity analyst, Barani Krishnan, said gold bullets "certainly anticipate their first American rate change in more than a decade," but that it awaits the announcement on July 31 for too long.

"The good news for golden bulls is that they may not have to wait a whole week to discover the game of the Fed," Krishnan said, arguing that policy guidance by the European Central Bank on Thursday would be a last green light give to a similar movement of the Federal Reserve.

Markets are expecting the Fed to cut a quarter point by the next meeting with an additional 25 basis points in September.

"Gold bullets are betting at & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; the mark will rise above recent seventies high up to over $ 1500 per ununce when the Fed delivers the cuts indicated," Krishnan said.

In other trading of metals, 0.7% went to $ 16,532 in a troy ounce at 10:28 AM ET (14:28 GMT).

fell 0.8% to $ 1,517.05 a while, while sister metal went 0.8% to $ 859.35.

In base metals, 0.7% was traded to $ 2,702 per pound.

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