LONDON: Gold edged up on Tuesday after two sessions of losses, as the dollar and shares eased ahead of a US Federal Reserve policy meeting that may push back expectations for when US interest rates will start to rise.

Spot gold was up 0.5 percent at $1,287.30 an ounce by 1418 GMT. The metal had fallen 1.6 percent in the previous two sessions on strong equities and uncertainties over the Greek election. Gold hit a five-month high of $1,306.20 on Thursday.

US gold futures for delivery in February were up $8.10 at $1,287.50 an ounce.

Gold will face a third year of losses, averaging $1,234 an ounce this year, as the United States prepares for its first interest rate rise in nearly a decade, a Reuters poll of traders and analysts showed.

Holdings in SPDR Gold Trust, the top gold ETF, rose 0.24 percent to 743.44 tonnes on Monday.

Published in Dawn January 28th, 2015

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