Gold prices moved higher on Monday, recovering a bit from recent losses, as traders looked ahead to the upcoming monetary policy announcement from the Federal Reserve, due on Wednesday.
The dollar’s weakness amid speculation that Fed Chair Jerome Powell will stick to the stance of super-easy monetary policy.
The dollar index slid to a low of 90.68, but recovered subsequently to 90.84, cutting down its loss to just 0.02%.
Gold futures for June ended higher by $2.30 or about 0.1% at $1,780.10 an ounce.
Silver futures for May closed up by $0.134 at $26.209 an ounce, while Copper futures for May settled at $4.4410 per pound, gaining $0.1050.
In economic releases, a report released by the Commerce Department showed new orders for U.S. manufactured durable goods increased by much less than expected in the month of March.
The Commerce Department said durable goods orders rose by 0.5% in March after falling by a revised 0.9% in February. Economists had expected durable goods orders to spike by 2.5% compared to the 1.2% slump that had been reported for the previous month.
Data on consumer confidence, personal income and spending, and the preliminary reading on first quarter GDP are due later in the week.
The material has been provided by InstaForex Company – www.instaforex.com