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Gold Hits 2-Week High as Dollar Eases Ahead of Fed Meet

Gold Hits 2-Week High as Dollar Eases Ahead of Fed Meet

Spot gold was steady at $1,932.79 per ounce

Gold prices hit two-week highs on Tuesday, with the U.S. dollar losing its grip on six-month highs scaled last week, with attention focused on the Federal Reserve's two-day policy meeting that begins later in the day.


* Spot gold was steady at $1,932.79 per ounce by 0058 GMT, having hit its highest since Sept. 5 earlier in the session. U.S. gold futures were up 0.1% at $1,954.30 per ounce.

* The U.S. dollar eased 0.1% against its rivals, making gold less expensive for overseas buyers, ahead of key central bank policy decisions by United States, Britain and Japan over the week.

* U.S. Federal Reserve officials, who have tentatively embraced the possibility they can squelch inflation without a recession, meet this week with an autoworkers strike, a possible federal government shutdown, and a student loan squeeze on consumers posing new risks to that best-case outcome.

* European Central Bank policymakers want to soon start discussing how to tackle the multi-trillion-euro pool of excess liquidity sloshing around banks, with raising reserve requirements a possible first move, six sources told Reuters.

* Hecla Mining said on Monday production at its Idaho mine, which earlier reported a fire, was likely to remain suspended throughout this year, prompting the company to lower its silver output forecast for the period.

* Spot silver edged 0.1% higher to $23.24 per ounce, platinum was flat at $933.10 and palladium jumped 1.1% to $1,249.07.

(Reporting by Swati Verma in Bengaluru; Editing by Sherry Jacob-Phillips)

Source: ZAWYA