Spot Gold prices gained marginally on Monday despite the dollar strengthening back as concerns of Greece re-emerged in the markets after financial ministers in the Eurozone ruled out providing any financial assistance to the ailing economy. This led the euro currency to weaken against the greenback.
OUTLOOK
Today, the US is expected to announce a host of economic data on building permits and import prices. But a close watch for today is the FOMC statement and the interest rates on US federal funds. Although forecasts indicate that the interest rates would remain unchanged, the final decision would be made later in the evening today.
Moreover, the meeting amongst the European ministers will be continuing today to discuss on Greece’s issues. The dollar may trade with a positive bias today as the European ministers have already declined providing financial help to Greece which may act as a bearish signal for the euro currency.
