23.01.201807:59:00UTC+00Gold Strong As Fed Dawdles

Gold futures crept higher Tuesday, preserving recent gains amid speculation that interest rates will stay low for the time being.

The Federal Reserve has projected three rate hikes in 2018, but analysts say a move is unlikely until core inflation picks up later in the year.

Traders will be paying attention to remarks from Fed Chair Charles Evans tonight at 6:30 pm ET.

Meanwhile, gold is up $5 at $1337 an ounce, supported by a weak US dollar. The precious metal has recouped fourth quarter losses and is trading near September's highs.

On the economic front, Redbook data that tracks week to week change in comparable store sales at chain stores, discounter and department stores will be published at 8.55 am ET. The previous week's store sales were up 2.6 percent.

The Richmond Fed manufacturing index for January will be published at 10.00 am ET. The consensus is for 18, down from the prior level of 20.