LONDON, May 17 (Reuters): Gold rose on Tuesday as a retreat in the dollar helped bullion recover slightly from the last session's 3-1/2 month lows, but sentiment remained negative as further US interest rate hikes loom.
Spot gold rose 0.5 per cent to $1,832.30 per ounce by 1218 GMT, but traded in a relatively narrow range of about $16. US gold futures gained 0.9 per cent to $1,830.10.
"Gold is behaving less like an arrow and more like a feather. It's drifting a little this way, and a little that way on the winds that drive markets," independent analyst Ross Norman said.
The dollar is off this morning and the US Treasury yields below 3 per cent have given a bit of an uplift to gold, Norman said, adding "it's an encouraging move but doesn't confirm a shift in sentiment."
Gold prices dipped to as low as $1,786.60 an ounce on Monday pressured by gains in the dollar.
In other metals, spot silver rose 0.2 per cent to $21.65 per ounce, moving further away from its weakest level since July 2020 hit on Friday.
"Silver is likely also to remain under a cloud," StoneX analyst Rhona O'Connell said in a note, adding that silver can be vulnerable to very sharp moves, especially when there is a short-covering rally involved.
Platinum advanced 1.4 per cent to $959.47 and palladium edged up 0.1 per cent to $2,028.98.
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