LONDON: Gold rose from the previous day’s two-week low on Tuesday as the dollar slipped ahead of a Federal Reserve meeting that is expected to provide more clues on the pace of US monetary tightening.

The dollar fell 0.3 per cent against the euro ahead of the two-day talks, with markets awaiting guidance on whether the Fed will signal a further hike in interest rates at its December meeting.

Spot gold was up 0.3 per cent at $1,310.51 an ounce at 1345 GMT, off the previous day’s low of $1,304.10. US gold futures for December delivery were up $3.20 an ounce at $1,314.00. “Investors have a tendency to stay on the sidelines ahead of the Fed and other important events, so that trading becomes more technical,” ABN Amro analyst Georgette Boele said. “If the Fed were to sound more hawkish this will likely push gold below $1,300 temporarily,” she said.

Silver was up 0.1pc at $17.16 an ounce, while platinum was 0.7pc lower at $948.65 an ounce. Palladium was down 2.1pc at $916.14, having earlier slid to its lowest in a month at $908.97 an ounce.

Published in Dawn, September 20th, 2017