2010.11.0204:32:00UTC+00Gold Climbs Towards Two Week High ahead of Fed

News

• Spot gold was bid at $1,357.95 an ounce at 0912 GMT, against $1,350.25 late on Monday.
• U.S. gold futures for December delivery rose $7.40 an ounce to $1,358.00.
• The market awaits Fed which is expected buy between $250 bln and $2 trln in Treasury debt to support flagging economy when it announces a second round QE on Wesnesday.
• The dollar weakened 0.5 pct against a basket of currencies under pressure from uncertainty ahead of the Fed.
• Among other precious metals, silver was bid at $24.77 an ounce against $24.60, off the previous session's 30-year high of $25.03 an ounce.