Gold climbs for first session in three, dollar loses ground

Gold futures rose off December 4 lows for the second straight session as the dollar index fell off June 2017 highs, following earlier data from the US today. 

As of 03:10 GMT, gold futures due in February rose 0.40% to $1,246.40 an ounce off two-week lows, while the dollar index shed 0.26% to 96.19 off 1-1/5 year highs. 

Earlier US data showed the Empire State Manufacturing Index down sharply to 10.9 from 23.3 in November, missing estimates of 20.1, while an index tracking housing prices receded as well to 56 from 60, also missing estimates of 61. 

The Federal Open Market Committee is scheduled to meet on December 18-19, with analysts expected the fourth rate hike of the year to below 2.25%. 

The Fed will also release three-year forecasts for growth, inflation, unemployment, and interest rates.