Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Tapering, Sooner Rate Hike Expectations

Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Tapering, Sooner Rate Hike Expectations

Gold futures are edging higher on Monday but trading inside the previous session’s range as traders shift their focus on the Federal Reserve’s two-day meeting which culminates with the release of its monetary policy statement on November 3.

At 12:29 GMT, December Comex gold is trading $1790.30, up $6.40 or +0.36%.

Helping to limit gains is a stronger U.S. Dollar. The greenback bounced back on Friday from a prior day plunge after yields on government bonds rose and traders saw new inflation reports as challenging major central banks to pull back on asset purchases more quickly than planned.