Gold rebounds on weak dollar, market eyes Fed meeting
CNBC - Mar 13, 2016
Gold bounced back on Monday, inching closer to last week's 13-month high as the dollar remained under pressure ahead of the U.S. Federal Reserve's policy meeting.
Spot gold rose 0.4 percent to $1,252.50 an ounce by 0009 GMT while U.S. gold eased 0.5 percent to $1,253.40 an ounce.
The main focus is the U.S. Federal Reserve's policy meeting on March 15-16. The Fed lifted rates for the first time in nearly a decade in December.
After rolling out bold measures to boost the euro zone economies, including increased asset buying and a deeper cut to deposit rates, ECB President Mario Draghi on Thursday signaled there would be no further rate cuts.
The relatively weak dollar and a repricing of expectations for U.S. interest rate rises have helped gold rebound by more than 18 percent this year so far. Bullion regained its role as a shelter for risk-averse investors, in the face of tumbling equities and fears of a global economic slowdown.
