Gold prices rose on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite.
Traders and investors now await the FOMC statement on Wednesday to determine the future trajectory of interest rates in the United States.
Meanwhile Hedge funds and money managers increased their bearish wagers on COMEX gold in the latest week.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:
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