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Spot gold was up 0.2 percent at $1,313.96 per ounce as of 0712 GMT, after touching $1,315.49, its highest since May 14, 2018 earlier in the session. U.S. gold futures rose 0.3 percent to $1,312.8per ounce.

·       “For the short-term gold is going to move higher as the U.S. Federal Reserve will have a dovish tone, which should weaken the dollar and give gold a bit of a move up,” said INTL FCStone analyst Edward Meir. The absence of an agreement in U.S-China trade talks should also benefit gold, he said.

·       Investors are waiting on the Federal Reserve’s policy decision later in the day, with expectations officials will reinforce their recent dovish stance given a stalemate on global trade, signs of a slowdown in the U.S. economy, and waning business and consumer confidence.

·       Investors are also concerned that criminal charges against China’s Huawei Technologies Co. Ltd. for violating U.S. sanctions against Iran could complicate U.S.-China trade talks.

China’s Vice Premier Liu is due to meet U.S. Trade Representative Robert Lighthizer later in the day.

·       Amongst other precious metals, silver was up 0.6 percent at $15.94 per ounce, having hit $15.96 earlier in the session, its highest since July 2018.

Palladium dropped 0.3 percent to $1,341.18 per ounce, while platinum was up 0.6 percent at $814.41.

·       Technically, February gold futures bulls have the firm overall near-term technical advantage and have gained more power this week. A 2.5-month-old price uptrend is in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,330.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,275.00. First resistance is seen at today’s high of $1,310.60 and then at $1,320.00. First support is seen at $1,300.00 and then at this week’s low of $1,296.50.

·       GOLD ON THE MARCH AS THE US DOLLAR STUMBLES LOWER