Gold prices pushed higher during Europe’s session on Tuesday, but gains were limited as the U.S. dollar rose to the highest level since February amid heightened expectations that the Federal Reserve will hike interest rates before the end of this year.
Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $4.15, or 0.33%, to $1,267.85 a troy ounce by 2:55AM ET (06:55GMT). A day earlier, the yellow metal lost $4.00, or 0.32%.
A recent string of upbeat U.S. economic data combined with hawkish remarks from key Fed officials all but cemented expectations for higher interest rates in the coming months.
Source: Investing.com (25 October 2016)