Bengaluru — Gold prices were close to a near one-week low on Tuesday, as a stronger dollar and renewed interest in riskier assets dampened demand. Spot gold edged 0.1% higher to $1,313.02 an ounce by 10.58am GMT, having hit its weakest since January 29 at $1,308.20 in the previous session. Prices moved in a range of about $5. US gold futures were down 0.1% at $1,317.70 an ounce. World stocks extended their robust start to the year, making non-yielding bullion a less attractive investment, while the dollar was on course for a fourth straight day of gains. “One of the things potentially capping gold’s rally here is the fact that the US Federal Reserve’s dovishness points to stronger demand for riskier assets,” said Marcus Garvey, analyst at ICBC Standard Bank. “The big question now is how much the Fed’s position has changed and whether it can get more dovish ... But given the fact that the US domestic data is reasonably stable, there is still scope for the Fed to hike rates once this ...
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