Gold prices continue to rise amid weakness in the dollar, with a $ 2,000 mark expected. GOLD

Gold prices edged closer to the $ 2,000 mark on Tuesday as the dollar weakened, with traders also focusing on minutes from the latest meeting of the US Federal Reserve to be released this week.

Spot gold was up 0.2% to $ 1,990.13 an ounce by 03:51 GMT.

Gold futures in the US rose 0.1% to $ 1999.70.

Metal prices jumped on Monday, helped by Warren Buffett's purchase of a stake in major gold miner Barrick Gold Corp by Berkshire Hathaway and a decline in US Treasury yields.

On Tuesday, the dollar fell 0.2% to a weekly low, making gold cheaper for holders of other currencies.

The minutes of the last Fed meeting, which will take place on Wednesday, are also in the field of view of investors.

“The FOMC will be heading towards plus $ 2,000,” said Stephen Innes, chief market strategist for financial services firm AxiCorp.

"Traders are looking forward to FOMC protocol where the Fed will talk about YCC (yield curve control) or targeting inflation, which is bad for the dollar and good for gold," Innes added.

Global incentives to tackle the Covid-19 pandemic, fueling fears of inflation and currency depreciation, have helped gold soar more than 31% this year.

While jewelry demand remains risky, "the bullish rally in gold continues to be unchanged over the long term, with low and depressed real rates that can withstand the high gold price," analysts at Phillip Futures said.

Silver was up 1.4% to $ 27.77 an ounce, while platinum rose 0.9% to $ 958.17. Palladium, in turn, fell 1% to $ 2,176.75.

18 August, 2020
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