- Gold prices rose in early trading on Monday, amid expectations of a U.S. interest rate cut in September and rising geopolitical tensions in the Middle East, while focus shifted to the U.S. Federal Reserve's monetary policy meeting later in the week.
- Spot gold rose 0.5% to $2,397.65 an ounce, while US gold futures rose 0.7% to $2,396.70.
- The US Federal Open Market Committee meets on July 30-31 and is expected to keep interest rates unchanged at 5.25% to 5.50%, but weaker US jobs data in June, slowing inflation and comments from senior Fed officials have pushed the futures market to fully price in a 25 basis point cut in September.
- Among other precious metals, spot silver rose 0.9% to $28.14 an ounce, platinum rose 0.9% to $943.49 an ounce, and palladium rose 1.1% to $909.71 an ounce.
