Bengaluru — Gold prices held steady on Tuesday, after hitting a one-month high in the previous session, buoyed by political uncertainty in the US, as investors awaited the Federal Reserve meeting for clues on monetary policy. Investors also braced for possible hints on when the next interest rate hike is coming, ahead of the Fed’s rate-setting two-day committee meet starting on Tuesday. "While no rate hike is expected, the market is likely to remain subdued leading into the meeting," analysts at ANZ Research said in a note. Spot gold was nearly unchanged at $1,255.32 an ounce, at 4.03am GMT. In the previous session, it touched $1,258.79/oz, its highest since June 23. US gold futures for August delivery rose about 0.1% to $1,255.30’/oz. "We remain cautiously constructive on gold as we see no end to dollar weakness for the moment given the ongoing political dramas in Washington and the approaching deadline to extend the debt ceiling," said INTL FCStone analyst Edward Meir. The dollar ...
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