Gold prices edged higher on Monday, building on gains in the previous session, as the dollar wallowed near a two-week low against a basket of currencies and supported sentiment for bullion.
FUNDAMENTALS* Spot gold edged up 0.3% to USD 1,666.89 an ounce by 0038 GMT, after rising more than 1% last Friday.
* US gold gained 0.3% to USD 1,666.70.
* The dollar index dropped to a two-week low on Friday on US home sales data, which showed new US single-family home sales fell in February while prices jumped to their highest level in eight months.
* Money managers in gold futures and options cut their bullish bets for a third straight week to the weakest level in two months, as bullion prices tumbled after a strong run of US economic data triggered fund selling.
* This week, investors will watch key economic data from Germany, bond auctions in Italy and a meeting of eurozone finance ministers, during which the size of a bailout firewall is to be discussed. MARKET NEWS
* US stocks rose in light volume on Friday, buoyed by rising energy and basic materials shares, as the S&P 500 kept showing resilience even as it posted its second negative week so far this year.
* The euro held near a three-week high against the greenback on Monday, while commodity currencies such as the Australian dollar steadied after a hammering last week, though persistent worries on the global economy were seen keeping a lid on their gains. DATA/EVENTS
0800 Germany Ifo business climate Mar 2012
0800 Germany Ifo current conditions Mar 2012
0800 Germany Ifo expectations Mar 2012
U.S. Build permits R chg mm Feb
1400 U.S. Pending homes index Feb PRICES
Precious metals prices 0038 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1666.89 4.75 +0.29 6.59
Spot Silver 32.29 0.09 +0.28 16.61
Spot Platinum 1632.99 13.01 +0.80 17.23
Spot Palladium 659.00 5.50 +0.84 1.00
COMEX GOLD APR2 1666.70 4.30 +0.26 6.38 3618
COMEX SILVER MAY2 32.30 0.03 +0.09 15.71 967
Euro/Dollar 1.3273
Dollar/Yen 82.69
COMEX gold and silver contracts show the most active months
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!