Precious – Gold Rises to Near 13-Month High as Dollar Turns Lower

March 8, 2016

by Marcy Nicholson and Clara Denina
Reuters.com

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.

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