London: Gold rose on Tuesday, aided by a softer dollar and lower European stocks, after falling more than 2 per cent in the prior session in its deepest 1-day slide in over a year.
Spot gold was up 0.7 per cent at $1,201.00 an ounce by 1113 GMT as other markets, already nervous about this week’s US. Federal Reserve meeting, were rattled by the failure of Russia’s emergency interest rate rise to stabilise its currency.
Gold lost 2.5 per cent on Monday, its sharpest fall in a day since Dec. 2, 2013, giving up all of last week’s gains as oil prices tumbled to fresh 5-1/2-year lows, cutting gold’s draw as a hedge against oil-fuelled inflation.
Showing an unusual divergence from movements in spot prices, US gold futures for delivery in February slipped 0.7 per cent to $1,201.40 an ounce, stretching losses to a fifth session. More >>
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