Grapevine

Gold prices flat as investors await fresh impetus

Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices.

Spot gold held its ground at $2,646.64 per ounce, as of 0319 GMT. Prices hit a record high of $2,685.42 last month.

U.S. gold futures edged 0.1% lower to $2,663.10.

"Gold prices have been surprisingly resilient, refusing to succumb to a stronger U.S. dollar and higher Treasury yields," IG market strategist Yeap Jun Rong said.

U.S. elections could increase gold demand as a hedge against uncertainty, while expected Fed rate cuts, likely in 25-basis-point increments, may push prices to a record high, targeting $2,800 by the year-end, he added.