Gold prices rise as greenback retreats


Excluding food and energy, 12-month core CPI held steady at 1.7 percent, the same increase seen every month since May.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent after wobbling between positive and negative territory in early trading.

Analysts and investors, however, say they will look more intently at policymakers' forecasts for the end-of-year federal funds rate as an indication of whether a quarter-point increase widely expected in December is likely to occur.

At 10:59 a.m. ET (1459 GMT), the Dow Jones Industrial Average was up 71.16 points, or 0.32 percent, at 22,339.5, the S&P 500 was up 5.83 points, or 0.233179 percent, at 2,506.06 and the Nasdaq Composite was up 20.94 points, or 0.32 percent, at 6,469.41.

This is primarily due to the market expectation that the Fed will announce its plans to begin reducing its $4.4 trillion balance sheet at the conclusion of its September policy meeting.

Canada's benchmark stock index posted its highest closed in almost six weeks on Monday, led by gains for its heavyweight energy sector, while financials and industrials also gained ground.

"In the short run financials will benefit", said Chad Morganlander, portfolio manager at Washington Crossing Advisors, if the Fed action pushes long-term rates higher relative to short-term rates. Forecasters expect the Fed to leave interest rates unchanged and stick to plans to raise rates in December.

Japanese markets were closed for a public holiday.

The small rise in Wall Street futures came after the S&P 500 and Dow had both eked out new peaks on Monday despite some late pressure on big tech stocks.

According to government sources, Abe is considering calling elections in mid-October or after Trump's visit in November to take advantage of his party's leading position against the opposition party.

It is left to the Federal Reserve meeting beginning on Tuesday to relieve or stoke current stock-market-rally anxiety on display.

The Australian dollar climbed to $0.8012 from $0.7952.

Against the USA dollar and the euro, the kiwi dropped to 0.7303 and 1.6439 from an early 2-day highs of 0.7342 and 1.6349, respectively.

A relatively quiet North Korea and U.S. Secretary of State Rex Tillerson's recent comments on "peaceful solution" also led investors back to riskier assets.

In commodities, oil prices rose after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in USA inventories. Brent crude, used to price worldwide oils, dropped 9 cents to $55.39 a barrel in London.

A higher target rate, meanwhile, would push the Fed further from the zero percent lower bound it has been trying to escape after a decade nurturing the USA economy into a post-crisis recovery.



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