The commodity is starting this week with sharp increases as Asian stocks fumble on the impending US Federal Reserve policy meeting this week. Gold also surged on the weakening dollar as the ploy for the whole year’s tempo for the much-awaited interest hikes.

OANDA’s Senior Market analysts Jeffrey Halley noted that "With the UK event risk successfully negotiated, it would appear the market is putting more emphasis on this week's FOMC (Federal Open Market Committee) rate hike,"  Halley also noted that he is 100% certain that the Feds will come through with the hike.