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Comex gold for April delivery rose by 1.1% to $US1128.90 an ounce, its highest price since early November.
However, a stronger local currency has kept the price at $A1588.10/oz in Australian dollar terms.
The Australian dollar was sitting at US71.15c ahead of today’s meeting of the Reserve Bank of Australia.
While IG market analyst Evan Lucas expects a weaker Australian dollar overall in 2016, it may be stronger in the short-term.
“The RBA is likely to signal that rates are unlikely to move in the first quarter of 2016. The US dollar is more likely to weaken in the coming weeks as Fed bets ramp up,” he said.
The SPI 200 Futures dropped 1 point to 5001 points, after most major markets were flat to lower overnight.
Zinc jumped another 1.5% to $1652 per tonne, while nickel dropped 1.9% to $8419.25/t.
The 62% iron ore fines price jumped 3.1% to $43.02/t, its highest price in around four weeks.
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