2020.08.1710:50:00UTC+00Gold Edges Higher As Focus Turns To Fed

Gold edged higher on Monday and the dollar fell as markets looked to the Fed minutes from last month's meeting, due to be released on Wednesday, for more clues on the thinking inside the U.S. central bank.

Spot gold rose 0.6 percent to $1,962.30 per ounce, after having fallen 4.5 percent last week in its biggest decline since March. U.S. gold futures were up 0.7 percent at $1,962.40 per ounce.

The minutes from the Fed's last policy meeting will be scrutinized for any clues to policy changes at its next meeting in September.

Investors are also grappling with the uncertain fate of the further coronavirus stimulus in the United States as the nation's lawmakers continued to wrangle over the package.

Meanwhile, with the U.S. Presidential election campaign heating up, President Donald Trump and Democratic nominee Joe Biden have aggressively ramped up their efforts to reach out to as many prospective voters as they can before polling on November 3.

The Democratic national convention in the United States begins today, where Joe Biden will formally become the candidate to challenge Donald Trump for the November election.

The four-day event will be held at the Wisconsin Center in Milwaukee, Wisconsin. All the speeches will be virtual due to concerns about the coronavirus.