GOLD DRIFTS LOWER AHEAD OF FED

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WASHINGTON (Alliance News) – Gold futures fell Monday morning as the dollar strengthened ahead of a flood of economic data and the crucial Federal Reserve meeting.

A strong US GDP report may compel the Fed to signal one interest rate hike before the end of the year.

Markets seem to have gotten over the Brexit crisis, and the US economy may also prove resilient despite lingering political uncertainties.

The prospect of a Donald Trump presidency may be a wild card that the Fed begins to factor in to its interest rate decisions.

Gold for Sept was down 8 dollars at USD1324 an ounce, while silver has tumbled 21 cents to USD19.47.

Housing, consumer, durable goods orders and GDP data along with the FOMC meeting are likely to headline the economic events of the week.

Copyright RTT News/dpa-AFX

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