Gold futures trade sharply higher in early deals on Tuesday, due to safe haven appeal of the bullion ahead to the Federal Reserve’s latest policy meeting due on Wednesday. The Central Bank’s decision will through more insights to its policy tightening path. Moreover, the softer dollar lifted the yellow metal to 6-month peak rate.
Gold futures for February surged by $22.20 or 1.22% to $1848.40 ounce on the Comex division of the New York Mercantile. Spot gold rose by $17.80 or 0.98% to $1,841.82 per ounce.