NEW YORK (MarketWatch) -- Gold futures rose Tuesday for the first session in five, as the U.S. dollar slid at the outset of the Federal Reserve's monetary-policy meeting, increasing the metal's appeal as a hedge against a weaker currency.
Limiting gold's gain, crude-oil prices fell below $70 a barrel, dampening the metal's attractiveness as a hedge against potential inflation. Meanwhile, holdings in the biggest gold exchange-traded fund continued to slide, reaching a fresh three-month low.
December gold futures, the most active contract, rose 70 cents, or 0.1%, to $947.60 an ounce on the Comex division of the New York Mercantile Exchange. The front-month August contract, which registered very small volume, ended up 80 cents, or 0.1%, at $945.80 an ounce.