Gold prices have experienced a slight increase during the quiet early trading hours in the U.S. on Monday. This uptick comes just before a significant event this week: the Federal Reserve’s FOMC meeting, which kicks off on Tuesday morning and concludes Wednesday afternoon with a statement and a press conference featuring Fed Chair Jerome Powell. The price of gold is trading at $2657.52, up $9.19. The price of silver is trading at $30.59, up 4 cents.
Goldman Sachs has revised its outlook and no longer anticipates another interest rate cut from the Federal Reserve in January. The investment bank expects Powell to convey this message during the FOMC statement and his press conference on Wednesday afternoon.
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