Gold hovers near five-week low; political tensions support

BENGALURU (Reuters) - Gold inched higher on Tuesday, supported by global political uncertainties, after touching a five-week low earlier in the session as a key U.S. Federal Reserve official reaffirmed the central bank's hawkish stance on interest rate hikes. Risk aversion due to Brexit, concerns over U.S. President Donald Trump's ability to carry out financial reforms, election results in Europe and Middle East turmoil have provided some support for gold, said Mark To, head of research at Hong Kong's Wing Fung Financial Group. "We can see things are getting more complicated and investors have to take some time to put things into context," To said. Spot gold was up 0.3 percent at $1,246.82 per ounce, as of 0809 GMT. U.S. gold futures rose 0.1 percent to $1,247.8 per ounce. Spot prices touched a low of $1,242.61 an ounce early in the session, the weakest since May 17, after New York Fed President William Dudley reinforced that recent weak data is unlikely to derail plans to keep raising interest rates. Astrology and Numerology Trading Tips