by Marcy Nicholson and Clara Denina
NEW YORK/LONDON, March 7 Gold rose on Monday, hovering just below last week’s 13-month high as the U.S. dollar turned lower, while a fall in average U.S. earnings lessened expectations the Federal Reserve could raise interest rates at its next policy meeting.
Spot gold was up 0.6 percent at $1,266.70 an ounce by 3:12 p.m. EST (2012 GMT). The metal had peaked at $1,279.60 on Friday, its strongest since February 2015, before slipping on U.S. data.
U.S. gold futures for April delivery settled down 0.5 percent at $1,264 per ounce.
A pitched battle over the right path for U.S. interest rates is expected at next week’s Fed policy-setting meeting.