Precious-Gold inched up on Monday trading, hovering below 15-week high, as investors remained cautioned after the recent U.S. economic data has signaled recovery is losing momentum.
The metal managed to end the previous week on a slight gain, yet resistance at $1330 levels halted the rally.
Investors will keep their eyes open on the latest update from U.S. data amid speculations the recent cut in stimulus by the Fed has weighed on the recovery trajectory.
Uncertainty after the future of the Fed’s stimulus taper still looms as Fed minutes revealed that policymakers would cut their monthly bond purchases by $10-billion steps unless the economy shows any deterioration in economic data.
Gold may end this month on another gain, taking advantage of haven demand after the latest rout in emerging market, which was ignited last week with the political turmoil on Ukraine.
Meanwhile, the yellow metal is trading around $1330.50 an ounce after hitting a high of $1330.97 and a low of $1318.86.
So far, gold has recorded nearly 10.5 percent advance this year, following last year’s 28 percent drop.
The U.S. dollar retreated for a second day against a basket of major currencies to hover around 80.24 after opening at 80.27, according to the dollar index.
Crude oil for April’s delivery ticked down to trade around $102.30 a barrel after setting a high of $102.67.