gold futures rose tuesday kicking off november with a bounce after posting a seventh straight monthly loss in october gold drew strength tuesday from a weaker dollar and falling treasury yields as investors braced themselves for the federal reserve meeting said lukman otunuga manager market analysis at fxtm treasury yields were moving lower tuesday while the ice us dollar index was down 05 year to date however gold prices have declined as the us central bank has aggressively raised interest rates in its bid to squelch inflation driving up treasury yields and the us dollar rising yields raise the opportunity cost of holding nonyielding assets like gold while a stronger dollar makes commodities priced in the unit more expensive to users of other currencies although the fed is widely expected to raise rates gold could come out of this meeting smiling if the fed hints of a slowdown in monetary policy in the future said lukman in market commentary the fed is widely expected to deliver another supersize 75 basis point or 075 percentage point rate increase when it concludes a twoday policy meeting wednesday but investors will be looking to remarks by fed chair jerome powell for clues to the size of a december rate move with expectations running high that he may hint at smaller increases ahead see what fed chair powell can say to keep the stockmarket rally going  or kill it given how such a pivot could provide more room for gold bugs to fight back prices would head north in the near term lukman said gold retreated to 1633 by the start of this month close to the lows of september and october but has gained about 1 to surpass 1650 said alex kuptsikevich senior market analyst at fxpro in emailed comments we saw a similar buying spree the month before and such buying activity looks like a reversal to the upside however in the current circumstances it is better to wait for the price to surpass 1700 confirming a bullish reversal he said while central banks are signaling one after the other that they are decelerating their rate hikes gold is enjoying buying the dip behavior as some investors see the current prices at the bear markets edge 20 of the peak as attractive for buying in the midtolong term he wrote meanwhile in a report released late monday the world gold council said global gold demand excluding overthecounter activity rose 28 year on year in the third quarter to 1181 metric tons even though global investment demand was down 47 year on year at 124 metric tons