Gold prices surged for the third straight session as dollar index that measures the strength of the US currency against the basket of other emerging market currencies weakened. The range-bound dollar is on the expectations that Fed in its monetary policy decision will maintain a dovish stance.
Gold Gains On Rangebound Dollar; As Dovish Stance Expected In Fed's Meet
Spot gold was up 0.1% at $1,304.91 per ounce as of 0058 GMT. U.S. gold futures also surged about 0.3% to $1,304.70 per ounce.
The dollar, which eased marginally against major currencies, traded close to a two-week low posted in the previous session.
Traders in the US are putting bet on a possible rate cut and no expectations are placed in respect of rate hikes this year.
In Monday's session, dollar index traded at two-week's low.
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