• Gold inched higher on Tuesday, supported by global political uncertainties, after touching a five-week low earlier in the session as a key U.S. Federal Reserve official reaffirmed its hawkish stance on interest rate hikes.
Spot gold rose 0.2 percent to $1,244.76 per ounce by 0431 GMT. U.S. gold futures were nearly flat at $1,246.60
• Spot prices touched a low of $1,242.61 an ounce early in the session, the weakest since May 17, after New York Fed President William Dudley reinforced that recent weak data is unlikely to derail plans to keep raising interest rates.
• Risk aversion due to Brexit, concerns over U.S. President Donald Trump's ability to carry out financial reforms, election results in Europe and Middle East turmoil has provided some support for gold, said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
• Spot gold may break a resistance at $1,248 per ounce and rise towards the next resistance at $1,251, as it failed to break a support at $1,243, according to Reuters technical analyst Wang Tao.
• After having broken through the 100-day moving average, the 200-day moving average could be the next significant support for gold, said OANDA analyst Jeffrey Halley.
"A daily close below here suggests we could target the May lows."
• Silver rose 0.7 percent to $16.56 per ounce. In the previous session, it touched $16.44, its weakest since May 18.
Reference: Reuters
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