Gold Edges Up to $1,371.60

Though the policy meeting of the U.S. Federal Reserve is still underway, gold bounced back from yesterday’s prices, which were the lowest since May 23. Gold futures on the COMEX in New York rose $4.115 to reach $1,371.60 an ounce for August delivery. However, futures trading volume was still 49 percent below the average in the past 100 days for this time of day.

Spot gold prices also rose $6.19 today, hitting $1,373.86 an ounce, according to Bloomberg.

The meeting of the Fed to determine whether the central bank will continue its monthly purchase of $85 billion of Treasury and mortgage debt is expected to end today. If the employment outlook shows sustained improvement, the Fed will likely trim the program.