Gold settles higher, dollar off four-week trough

Gold futures tilted higher in Asian trade while the dollar index gained ground as well away from September 27 lows for the fifth session out of six, ahead of marginal US industrial data later today. 

As of 04:44 GMT, gold futures due in December rose 0.16% to $1,226.50 an ounce, while the dollar index rose 0.05% to 96.06 away from four-week lows. 

Now markets await the US Richmond manufacturing index for October, expected with a dip to 25 from 29 in September, while Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak about the economy and monetary policy at Louisiana State University, in Baton Rouge. 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

The Fed forecast another rate hike this year, and three more next year, and another in 2020, as the economy blisters ahead.