Gold advances as US dollar pushes lower on easing Fed hike bets
A gauge of the US dollar was its lowest since May, making bullion that is priced in the currency cheaper
Gold rose on Tuesday as the US dollar slipped, following expectations of fewer Federal Reserve interest rate hikes. The precious metal climbed as high as 1.1 percent, trading around US$4,425 per ounce. The US dollar had its lowest level in five months, making gold more affordable for purchasers. Analyst Justin Lin noted that markets believe the Federal Reserve is not aggressively raising interest rates in the near future.
The Middle East situation worsened, with US President Donald Trump expressing hesitation to end the conflict with Iran, and fighting intensifying in Lebanon. Technical gains, along with buying from China, have pushed gold above the US$4,000 threshold and near the 100-day moving average. Spot gold climbed 1 percent to US$4,426.76 per ounce, while silver increased 2.5 percent to US$66.33 per ounce.
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