A decision by the Federal Reserve will help drive gold prices today . . . and likely your dollar lower tomorrow.
Gold edged up on Tuesday in holiday-thinned trade on the back of a weaker dollar but remained in a tight range as investors awaited cues on the outlook of the US economy and potential policy moves in the world's largest economy.
Investors are looking for clues on policy direction from the minutes of the last US Federal Reserve policy meeting, due on Tuesday, although Fed officials on Monday signalled little appetite for further monetary steps to stimulate US growth in an economy that is gradually strengthening.
US factory orders due later in the day, as well as a key US employment market report scheduled for release later in the week, are expected to provide some indication on the well-being of the US economy and the necessity for further monetary easing.