Gold hits highest level since early February

Bengaluru — Gold prices extended gains on Tuesday, hitting their highest level in more than three-and-a-half months, as a weaker dollar and growing inflationary pressure bolstered the metal’s appeal as an inflation hedge.

“Gold ETFs have actually started to pick up again this month, which is positive because the market is reading higher inflation, at least over the short term,” said Stephen Innes, managing partner at SPI Asset Management. The dollar index slipped 0.1% to hit a one-week low against its rivals, making gold less expensive for other currency holders.

In the wake of rising prices in the US, minutes of the Federal Reserve’s last policy meeting due on Wednesday are expected to provide further clarity on the central bank's monetary policy outlook and policymakers' view on inflation. Dallas Fed president Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year.

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