Gold prices climbed higher on Monday as the dollar weakened ahead of crucial policy announcements from central banks, including the Federal Reserve, the Bank of Japan and the Bank of England, due this week.<\/p>\n
Slightly easing tensions in the Middle East limited the yellow metal’s upside.<\/p>\n
The dollar index, which dropped to 106.06, recovered slightly to 106.21, but was still notably down from the previous close of 106.56.<\/p>\n
Gold futures for December ended higher by $7.10 at $2,005.60 an ounce, the highest settlement in about three months.<\/p>\n
Silver futures for December ended up $0.509 at $23.396 an ounce, while Copper futures for December settled at $3.6585 per pound, gaining $0.0125.<\/p>\n
Israeli troops have entered the Gaza Strip for the first time in nearly two decades, but it’s unclear whether the maneuvers mark the official start of an invasion.<\/p>\n
After U.S. airstrikes targeted Iranian targets in Syria last week, there were fears that tensions could spread into a wider conflict.<\/p>\n
The U.S. has advised Israel to delay ground invasion in Gaza to allow hostage negotiations. The United Nations Security Council is due to be briefed on the humanitarian situation in Gaza today. <\/p>\n
On the economic front, the Fed is widely expected to leave interest rates unchanged on Wednesday. Traders will pay close attention to the accompanying statement for clues about the potential for further rate hikes.<\/p>\n
Following the Fed announcement, the Labor Department’s closely watched monthly employment report is likely to move into the spotlight later in the week. <\/p>\n