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Gold moves higher – ING

Source Fxstreet

Gold is moving higher again as Trump’s Tehran warning has sparked haven buying. Prices rose above $3,400/oz in early Asian trading on Tuesday after a 1.4% slide on Monday – the biggest one day decline in a month, ING's commodity experts Ewa Manthey and Warren Patterson note.

US Federal Reserve meeting to be in focus on Wednesday

"The focus for the Gold market will remain on geopolitical tensions in the Middle East. With uncertainty lingering, safe-haven bid for Gold is likely to be supported. Prices gained almost 4% last week as the conflict in the Middle East escalated."

"Meanwhile, exchange-traded funds added 136,032 troy ounces of Gold to their holdings in the last trading session. This brought this year’s net purchases to six million ounces (according to Bloomberg). SPDR Gold Shares, the largest Gold ETF, saw a $285m inflow on Friday, its biggest in weeks."

"Later this week, the US Federal Reserve meeting will be in focus on Wednesday, where it is expected to hold interest rates steady."

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