* Fed meeting on monetary policy on 30./31. July
* Interest rate futures contracts at the full price of the quarter-point rate
* SPDR gold holdings declined 0.14% on Friday
(Adds comments, quotes and price updates)
By Eileen Soreng
29. July (Reuters) – Gold was little changed on Monday
Beware of the US Federal Reserve this week
Meeting with investors who are likely to look beyond an expected course
cut to the monetary policy guidelines of the Central Bank for the
Rest of the year.
Spot gold rose 0.1% to $ 1,419.45 an ounce
US gold futures were unchanged at $ 1
"A rate cut is fully priced in at a 50 basis point cut
Cut is extremely unlikely. This is how leadership becomes the absolute key. "
OANDA senior market analyst Craig Erlam said.
"(Gold's movement) will depend on how restrained or how far ajar
Jerome Powell leaves the door open for these interest rate cuts in the months
For the first time since the financial crisis is the Fed
is likely to cut interest rates by at least 25 basis points
Points (bps) at its meeting from 30 to 31 July. Investors will also look
Emagazine.credit-suisse.com/app/art … = 157 & lang = DE Much will also depend on what Fed Chairman Powell says in the US
subsequent press conference: if he does not mention a cycle
Of interest rate cuts that cause gold under pressure, we would not
see this as a trend reversal, but as an attractive purchase
Opportunity, "said Commerzbank analysts in a note.
Interest rate futures contracts are fully valued at a quarter-point
Interest rate cut by the Fed on Wednesday, with only a small chance of
half a point train. Traders will also be watching the US and the Chinese
Trading talks in Shanghai this week, as a negotiator of both
Countries are meeting for their first personal talks since a ceasefire
G20 last month. The expectations for a breakthrough are low. Technically, $ 1,400 is the key disadvantage
Support for gold and beyond 1380 dollars, said Erlam of OANDA
If these levels break, we could see bulls heading for the planet
is quite fast. "
Hedge funds and money managers reduced their bullish stance
in COMEX Gold in the week ending July 23, the US commodity futures
Trading Commission (CFTC) said in a report on Friday. SPDR Gold Trust, the world's largest gold-covered trust
Exchange-traded funds said its holdings fell 0.1% to 818.14
Tons on friday. Among other things, silver fell by 0.1%
$ 16.37 per ounce.
Palladium fell 0.3% to $ 1,530.38 per ounce
Platinum rose 0.8% to $ 867.26 per ounce.
(Reporting by Eileen Soreng in Bengaluru, edited by Louise
5832, Outside US +91 80 6749 6131; Reuters Messaging:
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