LONDON: Gold rebounded on Tuesday as investors anticipated signals on the direction of US monetary policy from the minutes of a November Federal Reserve meeting.

Spot gold was up 0.1 per cent at $1,277 per ounce, as of 1244GMT. The metal fell about 1.4pc on Monday in its biggest one-day percentage drop since Sept 11.

US gold futures for December delivery gained 0.2pc to $1,277.30. “The Fed rate hike in December is roughly priced in and unless there are very hawkish minutes, its more that people are looking for direction about future moves,” said Georgette Boelle, a commodity strategist at ABN AMRO. The minutes are due on Wednesday.

Published in Dawn, November 22nd, 2017