Gold heads for monthly gains as markets await Fed policy decision

Gold prices turned higher today, July 31, heading for monthly gains amid expectations of the near end of the US monetary tightening cycle.

Bullion for December delivery soared by 0.44% to $2,462.80 per ounce 11:22 am Makkah time. Spot prices also climbed 0.29% to $2,418.12 an ounce, heading for monthly gains of more than 3% in July.

Likewise, silver futures for September delivery added 0.58% to $28.69 per ounce, in tandem with a 0.16% hike in platinum spot prices to $965.36 an ounce.

All eyes are on the Federal Reserve's interest rate decision later in the day. Despite expectations to be held steady at the 5.25-5.50% range, investors are still seeking more clues on whether the US central bank will begin easing monetary policy at the upcoming September meeting.