Gold prices trade steady as dollar gains ground

Gold prices stabilize on Monday as markets await the crucial Federal Reserve’s policy meeting this week, while the dollar edges up against major rivals. 

The Federal Reserve will start holding its two-day policy meeting tomorrow to discuss later inflation data which rose past estimates.

The Fed’s official policy statement, in addition to Fed Chair Jerome Powell’s press conference will offer important clues on the likely path ahead for US monetary policies. 

There’s a 99% chance the Fed will maintain interest rates unchanged according to the Fedwatch tool.

Otherwise, the dollar index rose 0.2% as of 18:29 GMT to 103.6, with a session-high at 103.6, and a low at 103.3.

On trading, gold spot prices rose 0.1% to $2163 an ounce as of 18:29 GMT.