Gold hits four-week high

Reuters

Bengaluru

Gold touched a four-week high on Monday, supported by a weaker dollar and a slide in Asian stocks ahead of key central bank meetings this week and a June 23 referendum on Britain's exit from the European Union.

The U.S. Federal Reserve, Bank of England, Swiss National Bank and Bank of Japan will all meet this week, and are expected to hold monetary policy steady against a backdrop of caution about the global economic outlook as well as the impact about a possible "Brexit". 

Often perceived as a hedge against economic and financial uncertainty, gold has so far gained 5 percent in June and 20 percent for the year. Spot gold rose 0.6 percent to $1,281.96 an ounce at 0647 GMT.

"The market is full of uncertainty over Brexit and also over the interest rate decision by FOMC (the Federal Open Market Committee) as well as other regional concerns," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.