Gold
held near a three-month low as investors weighed the outlook for higher
U.S. interest rates before the Federal Reserve begins a two-day
meeting.
Bullion
for immediate delivery traded at $1,156.23 an ounce by 8:09 a.m. in
Singapore from $1,154.81 on Monday, according to Bloomberg generic
pricing. The precious metal slumped to $1,147.72 on March 11, the lowest
level since Dec. 1.
The
dollar surged to the highest in a decade last week and hedge funds
exited gold at the fastest pace in more than four months as employers
added more jobs than expected in February and the unemployment rate fell
to the lowest in almost seven years. The Bloomberg Dollar Spot Index
fell on Monday after climbing for a fourth week in the period ended
March 13.
Gold
for April delivery added 0.2 percent to $1,155.10 on the Comex. Assets
in exchange-traded products backed by bullion fell 21.9 metric tons last
week, the most since November.
Silver for immediate delivery was little changed at $15.648 an ounce.
Source: Bloomberg
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