WASHINGTON (dpa-AFX) - Gold edged higher on Monday as investors braced for a busy week of central bank meetings and economic data releases.
Spot gold rose 0.4 percent to $2,58.27 per ounce while U.S. gold futures were marginally higher at $2,676.56.
The Federal Open Market Committee's meeting is due on Tuesday and Wednesday, with a 25-bps rate cut already priced in by markets.
Traders will pay close attention to the updated policy statement and Fed Chair Jerome Powell's press conference for clues on future interest rates under the Trump administration.
CME Group's FedWatch Tool currently indicates a 97.1 percent chance the Fed will cut rates by a quarter point next week but an 81.0 percent chance the central bank will then leave rates unchanged in late January.
The Bank of Japan will announce its decision on Thursday, with markets currently weighing only a 25 percent chance for a rate hike following comments from board member Nakamura that the decision should be data dependent.
A decision by the Bank of England is due Thursday and no change in its policy rate is expected. The People's Bank of China will announce its loan prime rates decision on Friday.
This week's U.S. economic calendar includes preliminary purchasing managers index readings and data on retail sales, industrial production, housing starts and building permits and a second revision to third-quarter GDP.
The report on personal income and spending, which is scheduled to be released on Friday, includes the Fed's preferred readings on consumer price inflation.
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