Gold hits near 2-week high on softer dollar; focus on Fed meeting

“Gold looks firm mainly because of a weaker dollar and also U.S. Treasury yields are coming down a bit,” said Edward Meir, an analyst at ED&F Man Capital Markets.

The dollar index slipped against its rivals, making gold less expensive for holders of other currencies.

Market participants now await the U.S. Fed’s two-day policy event which ends on Wednesday, its first such meeting since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer.

https://www.reuters.com/article/idUSL4N2GC0I8