Gold edged up on Tuesday as bargain-hunters were tempted to buy after the metal hit its lowest in 5-1/2 months the session before.FUNDAMENTALS* Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It marked its weakest since June 3 at $1,211.08 an ounce in the previous session. * US gold futures rose 0.44 per cent to $1,227.10 per ounce. * The case for US interest rate increases at the Federal Reserve will grow if the federal government uses tax cuts or increased spending to stimulate the economy, Richmond Federal Reserve President Jeffrey Lacker said on Monday. * Hedge funds and money managers raised their net long position in COMEX gold for the third straight week in the week to Nov. 8, and increased it slightly in silver , US Commodity Futures Trading Commission data showed on Monday.

Source: Economic Times November 15, 2016 04:05 UTC