• Gold prices rose to a two-week high on Tuesday as the dollar dipped to multi-month lows amid fading prospects of further rate hikes by the US Federal Reserve this year and doubts whether President Donald Trump would be able to push through healthcare reforms.
Spot gold rose 0.3 per cent to $1,237.05 per ounce at 0328 GMT, after touching $1,238.27, the highest since July 3, earlier in the session. US gold futures for August delivery rose 0.3 per cent to $1,236.90 per ounce.
• Asian shares stepped back from more than two-year highs on Tuesday, while the dollar extended losses as passage of a US healthcare Bill grew doubtful and investors bet the Fed would be more cautious about raising interest rates.
• “With the street repricing its US interest rate outlook following soft data and a dovish Yellen, and with President Donald Trump's reflationary reforms seemingly lost in the legislative Bermuda Triangle of Congress, a weaker US dollar should continue to support gold,” said Jeffrey Halley, a senior market analyst at OANDA.
• “At this moment, gold is likely to be in the trading range of $1,200-1,250,” said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
Prices of the metal are unlikely to significantly break above these levels since there are no other major drivers, including geopolitical factors, for gold as of now, he added.
• Spot gold faces a resistance at $1,239 per ounce, and may temporarily hover below this level or retrace towards a support at $1,226, according to Reuters technical analyst Wang Tao.
• In other precious metals, silver rose 0.7 per cent to $16.18 per ounce.
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