Gold inches up, moving away from a 5 week low

New York (Mar 13)  In Monday's trading session, gold surged, ahead of elections in Europe, edging away from a 5 week low that was the result of a probable U.S. interest rate hike.

 

 By 0330 GMT, spot gold ticked 0.2% to $1206 per ounce.

 

 U.S. Gold Futures surged to 0.4% to $1206 per ounce.

 

 Chances of interest rate hike in U.S. this month are likely to drag the prices of the yellow metal.

 

 As  U.S. interest rates increase, the chances of opportunity cost of holding non-yielding bullion expand, thereby aiding the dollar.

 

 In Friday's trading session, SPDR Gold Trust tumbled 1% to 825.22 tonnes.

 

 Silver showed a slight uptick of 0.1% to $17.06 an ounce in Monday's trading session.

 

 Platinum moved up 0.4% to $944 per ounce

Source: HFL