MTECHTIPS;-Gold Flat as Investors Wait for Fed Meeting This Week

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MTECHTIPS;-Gold Flat as Investors Wait for Fed Meeting This Week

MTECHTIPS-Gold prices were flat on Monday as investors wait for a flurry of central bank policy decisions this week. Comex gold futures for August delivery rose 0.02% to $1,223.20 a troy ounce as of 11:07 AM ET (15:07 GMT). The Federal Open Market Committee (FOMC) meets on Tuesday and Wednesday, with a policy decision scheduled for Wednesday afternoon. Investors do not expect the Fed to increase interest rates this week, but there is an 87.8% chance the central bank will hike rates in September. Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise. Other central banks are also expected to meet this week with the Bank of Japan ending its two-day meeting on Tuesday. The Bank of England is expected to raise interest rates on Thursday, despite Brexit uncertainty

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