(RTTNews) - Gold prices inched higher on Tuesday morning as investors expressed interest in the safety investment ahead of the Fed rate announcement and employment data later in the week.
December gold rose to $1,058.80 per ounce, up $4.80 on the session. Prices reached as high as $1,066.90 earlier and as low as $1,055.50.
The Federal Open Market Committee's two-day policy meeting begins. Rates are expected to be left unchanged near zero for the foreseeable future, but traders will watch accompanying comments for clues on future moves.
At 10 a.m. ET today, factory orders data is due. A rise of 0.9% for September is forecast, compared to a decline of 0.8% in August.
The dollar leveled off near a four-week high against the euro, limiting gold's hedge appeal. The buck also lingered near a nine-day high against the pound.
Gold saw notable gains in yesterday's session after slipping sharply last week.
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