Gold edges up after 4-day losing streak as dollar retreats

08-Sep (Reuters) – Gold firmed on Tuesday as a retreat in the dollar index helped the metal snap a four-day losing streak, but remained close to 2-1/2 week lows as uncertainty over a looming U.S interest rate hike persisted.

Spot gold was up 0.1 percent at $1,120.20 an ounce at 1100 GMT, while U.S. gold futures for December delivery were down $1.90 an ounce at $1,119.50.

…Trade is expected to be rangebound ahead of the Fed’s next policy meeting on Sept. 16 and 17.

“The markets are split on whether they believe the Fed will hike rates or not, so investors are staying on the sidelines and waiting for price direction,” Capital Economics analyst Simona Gambarini said. “That will occur when the Fed decides on the 17th whether it is hiking rates or not.”

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