Gold prices rose on Tuesday, as the dollar retreated from multi-week highs ahead of the US Federal Reserve's two-day monetary policy meeting.
Spot gold gained 0.5 per cent to $1,345.81 per ounce as of 0643 GMT. US gold futures also climbed 0.5 per cent to $1,349.80 an ounce. "The overall sentiment in the gold markets is positive. There are expectations that the Fed will cut interest rates, which has weakened the dollar and remains a main driver for prices,"
The dollar index against basket of major currencies was down 0.2 per cent on Tuesday, making bullion cheaper for investors holding other currencies. The dollar was slightly undermined by the New York Fed's business index showing a record fall this month to its weakest level in more than 2-1/2 years.
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