Gold prices rose slightly on Tuesday, steadying after a sharp drop in the prior session as anticipation of a Federal Reserve meeting and more cues on interest rates kept traders biased towards the dollar.
Among industrial metals, copper prices sank further amid persistent concerns over slowing Chinese demand. The prospect of increased production from a joint deal between BHP and Lundin Mining to take over Filo Corp and expand its South American copper projects also weighed on the red metal.
Gold was pressured by an overnight increase in the dollar, which saw some long positioning ahead of Wednesday’s Fed rate decision. Spot gold rose 0.1% to $2,387.98 an ounce, while gold futures expiring in December rose 0.2% to $2,431.35 an ounce by 00:25 ET (04:25 GMT).
Gold steadies, Fed awaited for rate cut cues.
The yellow metal steadied from sharp swings in recent sessions, having briefly hit record highs earlier in the month on some safe haven demand.
Other precious metals rose but were nursing steep losses in recent sessions. Platinum futures rose 0.3% to $962.55 an ounce while silver futures rose 0.7% to $28.055 an ounce.
Source : FX Street
