On Monday, Spot gold prices rose by 0.18 percent to close at $1303.5 per ounce on hopes that the U.S. Federal Reserve will continue to have a dovish approach. The U.S. Fed will commence with its monetary policy meeting today i.e. on Tuesday, which ends with a news conference on Wednesday. The investors expect a dovish stance from the FOMC which has pressurized and Dollar and supported Gold prices. However, worries over U.S.-China trade tensions, U.S.-North Korea relations or Brexit have not really boosted demand for demand in gold, the safe haven asset.
Outlook
Expectation of dovish stance by FED might weigh on the US Dollar and in turn support Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.42 percent at $1306.95 per ounce.
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