Gold prices inched up on Tuesday as the dollar edged lower, with investors awaiting cues from a series of upcoming central bank policy meetings and US economic data. Of the various central bank policy meetings due this week, the Federal Open Market Committee meeting due Tuesday and Wednesday will be closely monitored for clues on the timing of a possible interest rate hike.
October US non-farm payrolls data is due Friday. Spot gold was up 0.13 percent at $1,278.99 per ounce by 0733 GMT, while US gold futures for December delivery rose 0.52 percent to $1,279.70. "Momentum, at present, seems to be favouring upside for gold and silver, although we are climbing at snails pace," MKS Group trader Alex Thorndike said in a note.
"We anticipate volatility to perhaps pick up into the Presidential election date next week." Spot gold may break resistance at $1,280 per ounce and rise more to the next resistance at $1,293, as suggested by its wave pattern and Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.