Gold rises as dollar weakens, ounce tops $4,145
Gold prices climbed on Tuesday, supported by a weaker dollar, as investors await next week's US Federal Reserve meeting for interest rate signals.
Key Takeaways
AIGold prices rose on Tuesday, supported by a weaker dollar, as investors look ahead to next week's US Federal Reserve policy meeting for clues on the future direction of interest rates.
Spot gold gained 0.1 percent to $4,145.22 per ounce, while US gold futures for December delivery rose 0.1 percent to $4,164.70.
According to Reuters, Kyle Rodda, financial markets analyst at Capital.com, said, "There will be a significant move regardless of what the Federal Reserve does, and the initial reaction could support gold if rates are left unchanged."
Traders, based on CME's FedWatch tool, see an 82 percent chance the Federal Reserve will keep interest rates unchanged next week, though expectations for a rate hike in December remain at 89 percent.
Among other precious metals, spot silver rose 0.7 percent to $57.48 per ounce, platinum gained 0.7 percent to $1,651.25, while palladium slipped 0.2 percent to $1,117.87.