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MTECHTIPS;-Gold Prices Start the Week on Back Foot as Focus Turns to Fed

Monday, September 18, 2017 1:30

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MTECHTIPS;-Gold Prices Start the Week on Back Foot as Focus Turns to Fed

MTECHTIPS-Gold prices started the week on the back foot on Monday, sliding to their lowest level since the end of August, as investors looked ahead to a Federal Reserve policy meeting for insights into the outlook for monetary policy. Comex gold futures were at $1,320.02 a troy ounce by 3:40 AM ET (0740 GMT), down $5.30, or around 0.4%. It fell to its lowest since Aug. 31 at $1,318.48 earlier in the session. The yellow metal lost nearly 2% last week, its first weekly decline in a month, as investor interest in riskier assets, such as stocks, found buying interest. A key focus for markets this week is the Federal Reserve’s two-day policy meeting that ends on Wednesday. The Fed is widely expected to keep interest rates unchanged this week, but is likely to announce a plan to start shrinking its massive $4.5 trillion balance sheet in an effort to normalize policy. Markets will also be looking for further clues on the timing of the next Fed rate hike, with around 60% of market players expecting a move by December, according to Investing.com’s Fed Rate Monitor Tool

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