It is that time again. The Federal Open Market Committee (FOMC) monthly policy meeting for July is scheduled to begin tomorrow and conclude on Wednesday, when this month’s policy statement will be issued.

Gold is currently trading strongly higher on the day.  As of 4 o’clock EDT, it is at $1254.30. This based on the most active August 2017 futures contract, which is a net change of $8.80 on the day.

Comments made by European Central Bank President Mario Draghi confirmed what many analysts expected; that the ECB would keep the current interest rate level unchanged.