21.11.202309:15:00UTC+00Gold Hovers Near Two-week High Ahead Of FOMC Minutes

Gold prices hovered near two-week highs on Tuesday as bond yields and the dollar continued to edge lower on dovish Fed expectations.

The upside remained limited amid signs of easing U.S.-Sino tensions and optimism over a recovery in China's property sector.

Spot gold rose 0.4 percent to $1,985.51 per ounce, while U.S. gold futures were up 0.4 percent at $1,987.35.

The dollar fell to a more than two-month low, reflecting investor optimism that the U.S. Federal Reserve will leave rates unchanged at upcoming meetings.

CME Group's FedWatch Tool currently indicates the Fed is likely to remain on hold until cutting rates beginning in mid-2004.

Traders await the minutes from Federal Reserve's latest meeting later in the day that could offer important clues on the Fed's rate trajectory.

Richmond Fed president Thomas Barkin said it's not yet the right time to declare victory on inflation and focus should remain and getting price growth back to the 2 percent goal.

Earlier today, Bank of England's Governor Andrew Bailey warned that inflation is still "too high" and the central bank needs to maintain restrictive rates for long enough to squeeze inflation out of the system.

European Central Bank President Christine Lagarde is set to speak on the occasion of the 100th anniversary of the currency reform in Germany in 1923.