Gold edged higher on Tuesday, aided by a softer dollar, after falling more than 2 percent in the prior session in its deepest slide in over a year following a sustained slump in oil prices. Apart from oil, investors are eyeing the Federal Reserve's two-day policy meeting which kicks off on Tuesday for clues on the timing of an increase in US interest rates.
"You're likely to see a volatile market if they don't drop the 'considerable time' phrase," said Victor Thianpiriya, analyst at Australia and New Zealand Banking Group, who sees gold possibly heading to $1,180 by year-end. Spot gold was up 0.4 percent at $1,197.20 an ounce by 0642 GMT as the dollar weakened versus a basket of currencies, making bullion cheaper for holders of other currencies.
Comments
Comments are closed.