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Gold Inches Higher Despite Mester Comments

Gold futures were slightly higher Tuesday morning as U.S stocks were set for a rough start following yesterday's rebound.

On a day bereft of first-tier economic data, a speaker from the Federal Reserve was again the focus of traders.

Cleveland Fed President Mester said she sees inflation gradually moving up to 2% target over next one to two years. That means the Fed should raise interest rates at a pace "similar" to last year's three modest rate hikes, she added.

Gold was up $4 at $1330 an ounce, further trimming lst week's decline. Gold prices have been relatively stable during the recent collpse in U.S. stocks. The precious metal is valued in times of economic uncertainty or market fluctuations.

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