Stock futures rose modestly Tuesday as the Federal Reserve begins a two-day meeting and Microsoft, one of the so-called Magnificent Seven technology stocks, is scheduled to report earnings.
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Gold futures were up 0.4% at $2387.40 an ounce early Tuesday, a rebound after falling by about the same amount over the past few days.
Gold prices tend to go up when the dollar goes down. Because it’s priced in the U.S. currency, a rising dollar makes it more expensive for overseas buyers, and vice versa.
The dollar has dropped about 1% in the past month. Gold has gained almost 2%.
The dollar index, a gauge of the U.S. currency’s strength against a basket of peers, was little changed on Tuesday. Data on job openings later today could have an impact.
ING analyst Chris Turner said that currency traders will be looking for signs of a continued slowdown in U.S. growth. Jobs data and July consumer confidence will provide the signs.
Beyond that, the Bank of Japan is expected to raise interest rates on Wednesday, followed by the Federal Reserve decision that could tee up a cut for September. Put together, that could strengthen yen further against the dollar.
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