Compiled 07/31/12 6:00 AM (CT) Statistics: London Gold Fix $1,622.75 +$6.25 LME Copper Stocks 248,825 tons -250 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market appears to be catching some fresh buying interest off the pending release of an US FOMC statement on Wednesday afternoon. It is also possible that gold has garnered some lift from an upward revision in a gold price forecast from a global brokerage firm overnight. From the overnight wire, the gold market saw a mixed bag of supply side news items, with Fresnillo and Polymetal posting higher output, while Xstrata posted a 1st half of 2012 gold production setback. The gold market might have seen some minor lift from news of a fire at a Gold Fields mine and from troubles at a Ghana gold mining facility but those incidents don't look to have a lasting impact on overall gold production. Some traders are suggesting that the slightly higher track in gold prices today is the result of fresh speculation of action from the US Fed, while others suggest that strength in US equities in the early going is serving to lift gold and other physical commodity markets. As opposed to yesterday, gold is seeing an improvement in general outside market action, as energies and industrial metals markets are trading higher today in conjunction with ongoing gains in US grain prices. Comex Gold Stocks were 10.807 million ounces down 322 ounces. Stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Chinese Shares were mixed overnight, with the Shanghai market remaining weak and Hong Kong shares forging a minor rally. European shares broke a recent pattern of strength, as the promise of additional central bank easing appears to have temporarily lost its supportive capacity. The US scheduled report slate today is active, with Personal Spending/Income, a private Home price survey, Chicago PMI and Consumer Confidence all due out. Expectations on the reports are mixed, with the early numbers expected to be unchanged to slightly positive and the later data flows expected to be somewhat soft. The market will also see the beginning of a 2 day US FOMC meeting today.