The price of gold inched upward on Monday, ahead of the U.S. Federal Reserve officials’ meeting set for Tuesday, which is expected to announce a potential reduction in interest rates.
Gold spot price was at around $2,662 per ounce as of 9:00 a.m. EST, up more than 0.41 percent for the day. The policy meeting of the Federal Open Market Committee (FOMC) is set to take place on Dec. 17–18. Gold tends to move up in a low-interest-rate environment. According to data from the CME FedWatch tool, the majority of interest rate traders expect the central bank to announce a 25 basis-point cut from the current rate range of 4.5 to 4.75 percent.
