Gold bounced back on
Monday, inching closer to last week's 13-month high as the dollar
remained under pressure ahead of the U.S. Federal Reserve's policy
meeting.
Spot gold rose 0.4 percent to $1,252.50 an ounce by 0009 GMT while U.S. gold eased 0.5 percent to $1,253.40 an ounce.
The main focus is the
U.S. Federal Reserve's policy meeting on March 15-16. The Fed lifted
rates for the first time in nearly a decade in December.
After rolling out bold
measures to boost the euro zone economies, including increased asset
buying and a deeper cut to deposit rates, ECB President Mario Draghi on
Thursday signalled there would be no further rate cuts.
The relatively weak
dollar and a repricing of expectations for U.S. interest rate rises have
helped gold rebound by more than 18 percent this year so far. Bullion
regained its role as a shelter for risk-averse investors, in the face of
tumbling equities and fears of a global economic slowdown.
Hedge funds and money
managers increased their bullish position in COMEX gold to the highest
in 13 months in the week to March 8, U.S. Commodity Futures Trading
Commission data showed on Friday, as safe-haven buying lifted prices to
the highest since February 2015.
Physical gold demand
slowed in top consumer China last week, while a strike by jewellers
protesting against the imposition of a tax curbed demand in No. 2 market
India.
Source: Reuters
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