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Homefutures and commoditiesGold edges up on lower US dollar; market awaits Fed minutes

Gold edges up on lower US dollar; market awaits Fed minutes

  • Spot gold breaks past a key technical support at $1,274 per ounce.
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Close up image of assorted gold ingots and gold coins.Anthony Bradshaw | Getty Images

Gold bounced up slightly on Tuesday, as a weaker U.S. dollar gave bullion a boost after the previous day's sharp decline and as investors awaited the minutes, due on Wednesday, of the Federal Reserve meeting held in November. Gold benefited from some safe-haven buying from investors leery of a political crisis in Germany, Europe's largest economy.

Spot gold was up 0.3 percent at $1,280.63 per ounce. The metal fell about 1.4 percent on Monday, its biggest daily percentage drop since Sept. 11.

U.S. gold futures for December delivery settled up 0.5 percent at $1,281.70 per ounce.

Silver climbed 0.2 percent to $16.94 an ounce. On Monday, silver fell 2.3 percent, its biggest one-day percentage fall since Sept. 26.

"Given the fact that gold and silver prices fell so dramatically yesterday, we have seen a little bargain hunting coming into the market today," said David Meger, director of metals trading at High Ridge Futures in Chicago.

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