Gold Inches Higher

Gold edged higher on Tuesday after hitting near five-week lows in the previous session when the dollar rose as an influential Federal Reserve official reaffirmed the central bank’s hawkish stance, zeenews reported. Spot gold rose 0.2% to $1,244.76 per ounce. US gold futures were nearly flat at $1,246.60. Spot prices touched a low of $1,242.61 an ounce early in the session, the weakest since May 17, after New York Fed President William Dudley reinforced that recent weak data is unlikely to derail plans to keep raising interest rates. US gold futures for August delivery fell 0.1% to $1,245.10 per ounce.