Gold prices were stable ahead of a U.S. Federal Reserve meeting later in the week where markets will watch for indications of monetary easing in the world’s largest economy.
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The Fed is expected to trim the key interest rate by at least 25 basis points (bps) at its July 30-31 meeting. Investors will also look for signals of likely additional cuts in the pipeline. Meanwhile, U.S. and Chinese trade talks are shifting to Shanghai this week, as negotiators from both countries meet for their first in-person talks since a truce at G20 last month. Expectations are low for a breakthrough.
Hedge funds and money managers reduced their bullish stance in COMEX gold in the week to July 23, the U.S. Commodity Futures Trading Commission (CFTC) said in a report. China’s net gold imports via Hong Kong in June tumbled about 35% from the previous month to the lowest in nine months in part due to a seasonal slowdown in the jewellery industry, data from the Hong Kong Census and Statistics Department showed.
