Gold holds near 4 –week high with Fed, US political uncertainty in focus.
Gold prices held nearly four weeks high ahead of Federal Reserve policy meeting later this week along with political uncertainty in the US.
A rate hike ahead of November 8 presidential election is highly unlikely. The Fed is not expected to take action on interest rate at the conclusion of the two day policy meeting on Wednesday.
Following political uncertainty driven sell off, US dollar has regained on Friday. The dollar –index which has measured the strength against the basket of six major currencies was last trading at 98.50 early on Monday , rebounding from Friday’s low of 98.22
Oil prices slides as hope of OPEC deal fade away.
Oil prices extended losses after a weekend meeting among members of the Petroleum Exporting Countries failed on an agreement of production cut.
On Friday, OPEC members failed to agree on production cut, following objections from Iran which has been reluctant to even freeze their production.
However, OPEC said that they won’t finalize their individual output until its official meetings in Vienna on November 30.