Gold hits two-month peak as investors brace for US Senate runoffs

Gold prices hit a two-month high on Tuesday, lifted by a lacklustre dollar as investors awaited the US Senate runoffs in Georgia that will determine which party controls Congress and prospects of additional fiscal stimulus.

Spot gold was up 0.12 per cent to $1,946.52 per ounce by 9.16 pm IST, after hitting its highest since November 9 at $1,947.96.

"Much will depend on the outcome of the runoff elections in the state of Georgia in the US and there are certainly hopes among market participants that the Democrats are to win both seats in the elections," Commerzbank analyst Daniel Briesemann said.

"This would