Gold Steadies Above $1,180

Gold prices nudged higher as weaker dollar boosted most commodities Tuesday morning.

The precious metal also enjoyed some safe haven demand amid mounting concerns about the outlook for the global economy.

Gains were modest, however, as traders think the Federal Reserve may be compelled to raise interest rates in September if the U.S. jobs picture continues to brighten.

Gold for August was up $8 at $1,181.10 an ounce.

The Commerce Department is scheduled to release its wholesale inventories report for April at 10 am ET. Economists expect wholesale inventories to have risen by 0.3 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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