Gold prices recovered to over $1,500 an ounce on Tuesday, following the previous session's steep fall, as focus turned to U.S. Federal Reserve policy statements and growth concerns.

Spot gold was up 0.4% to $1,501.50 per ounce by 09:27 GMT, after falling to a near one-week low of $1,492.10 on Monday. U.S. gold futures gained 0.1% to $1,513.40.

Equity markets around the world gained as hopes for stimulus in major economies tempered fears of a global recession.

The shift in sentiment for riskier assets saw gold shedding more than 1.2% on Monday, its biggest daily percentage decline in a month. However, prices have risen nearly 17% this year and more than $80 so far this month.

The Fed's minutes from its July policy meeting are due on Wednesday, with investors also keeping a close eye on the central bank's Jackson Hole seminar and this weekend's Group of Seven summit.

Source : Reuters