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Business

March 21, 2017

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Gold higher

Gold higher

Bengaluru

Gold prices edged up on Monday as the dollar stayed on the defensive, finding support from the U.S. Federal Reserve´s conservative guidance on the path of rate hikes this year.

Spot gold was up 0.2 percent to $1,231.05 per ounce by 0100 GMT. U.S. gold futures were mostly unchanged at $1,230.80. The dollar index , which measures the greenback against a basket of currencies, was down 0.1 percent to 100.230. Markets were bracing for a packed week of Fed messaging with no less than nine different policy makers set to speak, including Chair Janet Yellen on Thursday. Yellen´s cautious guidance last week has investors pricing in almost no chance of another rate rise at the next policy meeting in May, rising to around 50-50 for June.

Holdings of SPDR Gold Trust , the world´s largest gold-backed exchange-traded fund, fell 0.35 percent to 834.10 tonnes on Friday from 837.06 tonnes on Thursday.

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