Gold near 2-week high, retains gains on weaker dollar

Gold retained gains from a three-day rally on Monday to trade near its highest in two weeks, boosted by a weaker dollar and caution from the Federal Reserve on the timing of a possible hike in US interest rates.



Spot gold was little changed at $1,181.71 an ounce by 0331 GMT. It climbed to $1,187.80 on Friday, its highest since March 6, as the dollar tumbled.



SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.72 per cent to 744.40 tonnes on Friday – the lowest since late January.



Hedge funds and money managers slashed their bullish bets in gold and silver futures and options for a sixth straight week in the week ended March 17, US Commodity Futures Trading Commission data showed on Friday.\



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Posted in: Indian Market Tips