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July 30 - Gold prices edged higher on Tuesday as investors awaited the Federal Reserve's commentary on its monetary policy and a deluge of U.S. economic data due later in the week for more clues on the pace and scale of the Fed's interest rate cuts.
The Fed is anticipated to maintain current interest rates at the conclusion of its two-day meeting on Wednesday, but may signal potential policy easing as soon as September, citing inflation nearing its 2% target. "Payrolls data is likely to show a slowdown in added jobs. Any signal from Fed official that a rate cut is near, is the next catalyst, supporting further investment demand for gold," UBS analyst Giovanni Staunovo said.
"However, the record high international prices have impacted consumer demand with global bar and coin demand falling 5% year-on-year and jewellery tumbling down 19%," Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council said in a note.
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