Policy makers with the U.S. Federal Reserve said the economy is tenuous and finance ministers from the 17-nation euro bloc moved forward with efforts to aid debt-hobbled Spain. Officials with the central bank are preparing for two days of meetings later this month and though no significant changes are likely, chairman Ben Bernanke will fall under scrutiny when delivering remarks after the policy meeting adjourns.
"We have the (central bank meeting) … and ahead of that, everyone is a bit lost at the moment," trading head Afshin Nabavi with MKS Finance told the news source. "It looks like $1,630 is pretty much a brick wall, while on the downside, $1,550 is equally strong support. So unless something extraordinary happens, we will be stuck in this range."
At 10:05 a.m. on Tuesday, gold futures climbed 0.28 percent, a $4.50 lift to $1,593.60 per troy ounce.
Bloomberg reports China, trailing only India in demand for the yellowish metal, is likely to seek 13 percent more bullion this year, according to the World Gold Council.
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