 "gold")
(Reuters) - Gold prices edged lower on Tuesday, weighed down by an uptick in the dollar as investors eye upcoming key central bank meetings this week.
FUNDAMENTALS
* Spot gold fell 0.1% to $1,805.96 per ounce by 0116 GMT. U.S. gold futures was flat at $1,806.60.
* On Monday, the metal rose nearly 1% to a high of $1,809.66, only about $4 shy of an over one-month peak scaled last week.
* The dollar rose 0.1% on Tuesday, recovering from a near one-month trough hit during the previous session. A stronger greenback makes gold more expensive for buyers holding other currencies. [USD/]
Also Read
* Benchmark 10-year U.S. Treasury yields were also a tad higher at 1.6431%, raising non-interest bearing gold's opportunity cost. [US/]
* Market participants eye meetings from the Bank of Japan and the European Central Bank (ECB) on Thursday. Neither of the central bank is likely to announce a change in policy, though the ECB might address how inflationary pressures could affect policy.
* The U.S. Federal Reserve and the Bank of England are also set to meet next week.
* Bank of England interest rate-setter Silvana Tenreyro said she needed more time to judge how the end of the government's job-saving furlough scheme was affecting the labour market, adding to signs that she sees no urgency to raise rates.
* Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up, translating into a higher opportunity cost for holding bullion which pays no interest.
* Spot silver fell 0.1% to $24.53 per ounce. Platinum edged 0.1% down to $1,056.35 and palladium gained 0.2% to $2,055.16.
DATA/EVENTS (GMT)
1400 US Consumer Confidence Oct
1400 US New Home Sales-Units Sept
(Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
