Gold Rises to $1,322.50 per Ounce on Slowing Dollar

Gold rose 0.2 percent or $2.65 to $1,322.50 per ounce on Tuesday, according to Reuters. The dollar’s recent rise began to abate and investors waited for clearer signs about the U.S. Federal Reserve’s plan to raise interest rates in the year ahead, according to the news source.

“There is no great deal in the economic calendar apart from the FOMC (Federal Open Market Committee) meeting tomorrow … we will wait and see whether there is any broad confirmation of a slightly more stringent tone in regards to monetary policy tightening,” Jonathan Butler, an analyst at Mitsubishi Corp, told Reuters. “We are all well aware that that is clearly the long-term trend and the U.S. jobs data we had last week supports that.”

U.S. gold futures for August delivery gained 0.5 percent or $6.62 to trade at $1,323.60 an ounce, Reuters reported.