Gold Inches Higher As Dollar Can't Hold Gains

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The price of gold inched slightly higher on Tuesday, staying above $1,100 as the dollar failed to hold a comeback attempt versus other majors.

Gold for December delivery climbed to $1,102.50 per ounce, up $1.10 for the day. Prices reached as high as $1,109.70 after reaching an intraday record $1,111.70 on Monday.

The greenback remained near its overnight levels against the euro after giving back a mid-morning rally. The dollar had tested a 15-month low on Monday.

There was no major economic news on Tuesday's calendar and Wednesday is also light because of the Veteran's Day holiday. Instead, traders focused on some Fed speak today.

Atlanta Federal Reserve President Dennis Lockhart said that the overall objective of economic policy should be to bring about a durable recovery, reduce unemployment and corral inflationary pressures.

San Francisco Federal Reserve President Janet Yellen said that while economic recovery has begun and seems to be "more than a flash in the pan," there are many factors that call into question the durability of the recovery.

(Market News Provided by RTTNews)