Gold rebounds from 10-week low

Gold prices rose on Tuesday after falling to the lowest since February 14^th as the precious metal found support from weaker dollar.

Spot gold prices soared today by 0.2% to trade at $1866.02 per ounce, while US futures rose 0.1% to $1865.10 per ounce.

The U.S. central bank’s FOMC is scheduled to begin its two-day meeting on interest rates on May 3^rd and shall announce its decision on Wednesday May 4^th.

It is widely expected that the Fed is set to announce a series of aggressive rate hikes at least until the summer to deal with rising inflationary pressures and surging labor costs.