silver futures fall by more than 1 monday gold prices edged lower on monday with investors waiting to hear from federal reserve chairman jerome powell on wednesday when the central banks twoday july policy meeting concludes gold prices have climbed month to date after the july cpi report released midmonth showed price pressures ebbing more quickly than expected last month assuming the fed follows through with a widelyexpected interestrate hike on wednesday investors will be watching closely for signs of how this latest data point is impacting the central banks plans going forward expectations that the july hike might be the final one for the cycle have helped to boost gold prices while causing the us dollar to weaken for the month so far the federal open market committee meeting this week will be the direction setter for the gold price with the level of perceived dovishness or otherwise from the fed likely to have a big say in whether the precious metal makes another run towards the 2000 level anytime soon said tim waterer chief market analyst at kcm trade in market commentary readeveryone thinks the feds rate hike this week will be the final one  except the fed gold futures continued to trade lower after the release of sp surveys monday showing the us economy grew in july at the slowest pace in five months the sp flash us servicessector index fell to 524 from 544 in the prior month thats the lowest reading since march the sp us manufacturing sector index meanwhile rose to 490 from 463 but its been negative for months looking ahead the fed isnt the only central bank meeting this week the european central bank and bank of japan also have policy meetings on the calendar that could impact global markets this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal