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Gold inches higher after five-week low as dollar gains on rate hike views

Gold edged higher on Tuesday after hitting near five-week lows in the previous session when the dollar rose as an influential Federal Reserve official reaffirmed the central bank's hawkish stance.


FUNDAMENTALS

* Spot gold rose 0.1 percent to $1,243.90 per ounce, as of 0044 GMT, after it hit a fresh near five-week low of $1,242.61 during the session.

* U.S. gold futures for August delivery fell 0.1 percent to $1,245.10 per ounce.

* New York Federal Reserve President William Dudley reinforced expectations that the U.S. central bank will continue on its path of tightening monetary policy.

* World stock markets climbed on Monday as technology and retail stocks rebounded from recent weakness and U.S. Treasury yields rose in the wake of hawkish comments from a Federal Reserve official.

* The dollar reached to session highs against the euro and yen on Monday as comments from New York Federal Reserve President William Dudley, suggesting the central bank remains on track to raise U.S. interest rates further despite recent disappointing inflation data.

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