2020.09.1512:20:00UTC+00Gold Futures Edge Higher As Dollar Stays Weak

Gold prices are up Tuesday morning, extending recent gains thanks to a weak U.S. dollar ahead of the Federal Reserve's monetary policy.

Strong industrial production and retail sales data from China have triggered hopes of increased demand for metals from the world's second largest economy.

The Federal Reserve is scheduled to announce its monetary policy tomorrow. The Bank of Japan and the Bank of England will be announcing their monetary policies on Thursday.

It is widely expected that the central banks will continue to hold interest rates low for a prolonged period in order to boost growth.

Gold futures for December are up $14.00 or 0.71% at $1,977.70 an ounce.

Silver futures for December are gaining $0.385 or 1.4% at $27.740 an ounce, while Copper futures for December are up $0.0122 or 0.4% at $3.0802 per pound.

The dollar index, which dropped to 92.79, is currently at 92.84, down 0.23% from previous close.