Gold futures on Tuesday marked a modest rebound from losses seen a day earlier on the back of some weakness in the U.S. dollar and a pullback in Treasury yields. “The direction of yields and the U.S. dollar is likely to remain the key driver for gold prices, with next week’s [Federal Reserve] meeting the key catalyst when it comes to the next move in prices,” said Michael Hewson, chief market analyst at CMC Markets UK. Gold for February delivery GCG23 rose $1.10, or nearly 0.1%, to settle at $1,782.40 an ounce on Comex after falling 1.6% on Monday.
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