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Trump's North Korea rhetoric lifts gold
A threat by US President Donald Trump to "totally destroy" North Korea helped to stimulate demand for gold.
london - Bullion also supported by a weaker dollar ahead of a US Federal Reserve policy announcement
A threat by US President Donald Trump to "totally destroy" North Korea also helped to push the dollar lower while stimulating demand for gold. A weaker dollar makes gold cheaper for holders of other currencies.
Spot gold was up 0.3 per cent at $1,315.27 an ounce by 1006 GMT, having hit a 2-1/2 week low on Monday at $1,304.10. US gold futures for December delivery were up 0.6 per cent at $1,319.
"The dollar is under pressure ahead of the Fed," said ABN AMRO analyst Georgette Boele. "But I think it's more to do with the comments from Trump, which are affecting the dollar and indirectly gold as well."
Markets are pricing in a 56 per cent probability of the Fed raising rates in December.
"We suspect that the central bank will reiterate its dovish stance and likely weaken the dollar in the process," INTL FCStone analyst Edward Meir said.
"We could see a modest bounce in gold over the next day or two, but nothing that will take the precious metal outside of a relatively tight trading range for the time being."
A range of $1,300-$1,290 would be a good base for gold unless the Fed changes its stance on interest rates, said one precious metals trader in Sydney, adding that geopolitical risks would support prices. - Reuters
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