Forexpros - Gold prices remained little changed in cautious trade on Monday, as investors adopted a wait-and-see stance ahead of U.S. and European Central Bank policy meetings later in the week. On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,621.15 a troy ounce during early U.S. trade, inching up 0.05%. Gold futures were likely to test support at USD1,610.75 a troy ounce, the low from July 27, and resistance at USD1,628.55, the high from July 17. Expectations mounted that the ECB is set to announce fresh policy measures to tackle the long running crisis in the euro zone at Thursday’s policy meeting, after bank head Mario Draghi pledged last week to do whatever is necessary to preserve the euro. But market sentiment remained fragile amid concerns that the ECB could disappoint market expectations. Meanwhile, investors were looking ahead to the outcome of the Federal Reserve’s policy setting meeting on Wednesday, amid speculation over whether the bank will hint at further easing measures. On Friday, the Commerce Department said U.S. gross domestic product expanded by 1.5% in the three months to June, after growing by an upwardly revised 2.0% in the first quarter. Investors have interpreted signs of slowing U.S. economic growth as increasing the likelihood that the Federal Reserve will implement more stimulus measures to shore up the economic recovery. Gold and the dollar trade inversely, and talk the Fed is considering easing can weaken the greenback and send the yellow metal higher. Elsewhere on the Comex, silver for September delivery was up 1.52% to trade at USD27.915 a troy ounce, while copper for September delivery dipped 0.04% to USD3.424 a pound.

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