Gold steadied, after jumping the most since August on Monday, with the market focused on the dollar and the Federal Reserve's interest-rate path.
Bullion traded near $2,615 an ounce after surging 1.9% in the previous session, with the gains driven by a falling dollar and Treasury yields.
The precious metal has been hit by the greenback rallying to a two-year high following Donald Trump's election win, as well as signs the Fed may have to slow the pace of rate cuts due to the inflationary policies the president-elect is pledging. However, Goldman Sachs reiterated its forecast for gold to get to $3,000 an ounce by the end of next year, saying central bank buying and trade tensions would fuel gains.
Spot gold rose 0.1% to $2,614.69 an ounce as of 9:24 a.m. in Singapore. The Bloomberg Dollar Spot Index dipped 0.1% after falling 0.6% over the previous two sessions. Silver and platinum were little changed, while palladium edged lower.
Source: Bloomberg
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