Gold Unmoved As Investors Await US Rate Hike Clues

Despite a recent weakness in the US dollar, which is seen supportive for dollar-priced commodities, gold has failed to gain traction and remained confined in a broader trading range. Even though the uncertainty surrounding prospects of an eventual Fed rate-hike in 2016 has been weighing on the greenback, gold has failed to benefit from it as continuous slide in the Volatility Index, accompanied with the ongoing bullish momentum in the broader US equity index, has not been supportive for the safe-haven appeal of the previous metal.