Gold gains as equities, dollar retreat; Fed hike view caps rise

Gold edged higher on Tuesday as equities faltered on mounting expectations that the US Federal Reserve will likely go ahead with an interest rate increase this month.

Fed Vice Chairman Stanley Fischer said on Saturday that US inflation will likely rebound as pressure from the dollar fades, allowing the US central bank to raise interest rates gradually.

Spot gold was up 0.5 per cent at $1,139.60 an ounce by 0153 GMT, after an uneventful session on Monday.

US gold for December delivery rose 0.6 per cent to $1,139.20 an ounce.

Spot palladium fell 0.8 per cent to $594.05 an ounce and platinum eased 0.1 per cent to $1,005.50. Silver edged up 0.2 per cent to $14.63.

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Posted in: Indian Market Tips