Sharjah24 - Reuters: Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook.
Spot gold rose 0.4% to $2,621.95 per ounce by 0514 GMT, the highest since Nov. 12. Prices were up 2% on Monday.
U.S. gold futures gained 0.5% to $2,626.30.
The U.S. dollar pulled back as profit-booking kicked in after last week's stellar rally. A weaker dollar makes bullion less expensive for buyers holding other currencies.
"Recent market movements are largely technical, influenced by an overbought U.S. dollar," said Kyle Rodda, financial market analyst at Capital.com.
The recent strong economic data has raised concerns on whether the Fed will continue to cut rates after 75-basis-points of reductions since September.
Several Fed officials are scheduled to speak this week, potentially offering insights into the rate cut trajectory.
Gold price move will be a reflection of any change in expectations about the December meeting, Rodda said, adding that any data or comments from officials pertaining to it will be relevant.
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