Daily Gold Update

Source: MarketWatch

New York— Gold futures rallied 2% on Monday, boosted by dollar weakness and expectations that the Federal Reserve will cut interest rates tomorrow. Gold for February delivery surged $15.80, or 2%, at $816 an ounce on the New York Mercantile Exchange.

"The trade today seems to be focusing on active purchasing ahead of the extremely pivotal Fed meeting," said Zachary Oxman, a senior trader at Wisdom Financial. The Federal Reserve is expected to cut interest rates by a quarter-percentage point on Tuesday for a third straight meeting. It's important whether the Fed cuts by 25 basis points or 50 basis points, Oxman said. See full story.