Gold prices are moving higher Tuesday morning, extending gains from the previous session, as the dollar weakens ahead of the Federal Reserve’s policy meeting.
The two-day monetary policy meeting of the Fed gets underway today. The central bank is widely expected to hold its monetary policy unchanged but could address the outlook for its asset purchase program.
The dollar index drifted down to 93.05 earlier this morning, and is currently at 93.10, down nearly 0.2% from the previous close.
Gold futures for December are up $8.90 or 0.5% at $1,772.70 an ounce.
On Monday, gold futures for December ended up by $12.40 or about 0.7% at $1,763.80 an ounce, closing higher for the first time since last Tuesday.
Silver futures for December are rising $0.326 or 1.47% at $22.530 an ounce, while Copper futures for December are up $0.0210 or 0.51% at $4.1355 per pound.
A report released by the Commerce Department this morning showed new residential construction in the U.S. increased by more than expected in the month of August, jumping by 3.9% to an annual rate of 1.615 million, from a revised rate of 1.554 million in July.
Economists had expected housing starts to increase to a rate of 1.580 million from the 1.534 million originally reported for the previous month.