Gold futures eked out back-to-back gains Tuesday as the dollar index softened ahead of the Federal Reserve decision, which could yield a third rate increase of the year—a negative development for gold because it can bolster the dollar.
December gold GCZ8, -0.91% rose 70 cents, or less than 0.1%, to settle at $1,205.10 an ounce, gaining as the dollar index DXY, +0.54% traded little changed at 94.155.
The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. Gold prices based on the most-active contracts have declined by 8% so far in 2018 while the dollar index is up about 2.2%.
Read more via Gold prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch
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