Gold futures early Tuesday in New York were trading firmly above a psychologically important level at $1,300, shaking off gains in global stock markets and a dollar that was inching up.
Bullion's ascent comes as markets await the start of a two-day policy meeting of Federal Reserve policy makers, commencing later Tuesday, that is likely to signal a central bank that appears inclined to dial back a seemingly aggressive path of rate increases— a potentially bullish development for precious metal prices that don’t offer a yield.
Gold for February delivery on Comex, was up $5.60, or 0.4%, at $1,308.70 an ounce after finishing up 0.4% for a second straight gain on Monday. A settlement at its current level would mark the highest for the most-active gold contract since May 14, according to FactSet data.
Source : Marketwatch