Gold edged higher Tuesday, recouping some of the ground lost in the previous session as investors scaled back expectations about the pace of future interest-rate increases by the U.S. Federal Reserve.
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Gold prices dropped on Tuesday in Asia while the dollar also slid. Traders will take cues from Federal Reserve Chairman Jerome Powell’s speech on Wednesday to see which direction the precious metal will go.
Gold firmed near a two-week peak on Tuesday, as a slide in stock markets offset an uptick in the dollar, with the metal holding a tight range in light trade ahead of the U.S. Thanksgiving holiday.
Spot gold dropped 0.28 percent to $1,220.56 per ounce, having earlier hit its highest since Nov. 8 at $1,226.56.
U.S. gold futures dropped 0.26 ...
Gold pared some gains on Wednesday but held firm as the dollar slid after the U.S. midterm elections delivered a split Congress and as investors looked ahead to a Federal Reserve meeting for signals on future interest rate hikes.
Global demand for silver is expected to grow, according to a Canadian investment bank and financial services provider TD Securities. It has projected silver outperforming the sister metal gold next year.