Gold edged higher on Tuesday, recovering from early losses that pulled it briefly below $1,200 an ounce, as the dollar came off an 11-year peak against a basket of currencies.
But expectations for a US interest rate hike limited bullion’s gains, keeping it below Monday’s two-week high. Gold fell the most in five months in February, with the Federal Reserve seen to be set to lift rates this year for the first time since 2006 amid a generally strengthening US economy.
Spot gold was up 0.2 per cent at $1,209.60 an ounce at 0619 GMT after falling nearly 1 per cent earlier to a session low of $1,194.90.
Firm Chinese demand had kept gold above $1,200 since last week, climbing to a two-week top of $1,223.20 on Monday.
US gold for April delivery gained 0.1 per cent to $1,209.70 an ounce after dropping to $1,194.60.
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