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Gold prices rose for a third consecutive session on Tuesday as expectations of a US interest rate hike next month weakened.
Investors are now closely watching the minutes of the Federal Reserve’s latest meeting for fresh clues about the future direction of monetary policy, according to a report by Indian financial news outlet Moneycontrol.
Spot gold rose 0.2% to $4,424.28 per ounce on Tuesday. US gold futures for December delivery also gained 0.2%, reaching $4,480.90 per ounce.
Market analysts are focusing on the minutes of the Fed’s latest meeting to determine whether they contain any indications of policymakers’ stance on interest rates and the future course of monetary policy.
Any such signals could affect gold and other precious metals.
Other precious metals also moved higher. Silver rose 0.3% to $65.98 per ounce, while platinum edged up slightly. Palladium, however, showed little significant change.
Gold, a non-yielding asset, generally becomes more attractive when expectations of lower interest rates increase. As a result, market expectations surrounding the Federal Reserve’s next monetary policy moves have become a key driver of precious metal prices.
