(MENAFN- Khaleej Times) Gold prices edged up on Monday on a softer US dollar and as investors bought the yellow metal as a hedge against inflation.
Meanwhile, inare Dh163.25 for 24-karat and 22-karat can be bought for Dh153.25.
Spot gold rose 0.2 percent to $1,350.51 an ounce at0120 GMT. It hit a three-week high oft $1,361.76 on Friday.
The metal rose 2.4 percent last week, its best weekly gain since the week ended September 1.
US gold futures slipped 0.2 percent to $1,353.10per ounce. The dollar index, which measures the greenback against a basket of currencies, fell 0.1 percent to 88.999.
The US currency has been weighed down by a variety offactors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy.
Hedge funds and money managers cut their net longpositions in COMEX gold and copper contracts in the week to February 13, US Commodity Futures Trading Commission (CFTC) data showed on Friday.
Asian shares ticked up on Monday, joining a globalrecovery for equity markets as sentiment improved gradually from a recent shakeout that stemmed from fears of creeping inflation and higher borrowing costs.
On Wall Street, the S & P 500 rose marginally on Friday tomark its biggest weekly increase in five years, although earlier gains evaporated after a 37-page indictment filed by US Special Counsel Robert Mueller charged 13 Russians and three Russian companies for meddling in the 2016 US presidential election.
Trading is expected to be slower than usual due to market holidays in the United States as well as Hong Kong and China.
SPDR Gold Trust, the world's largest gold-backedexchange-traded fund, said its holdings rose 0.39 percent to 824.54 tonnes on Friday from 821.30 tonnes on Thursday.
India's federal police detained two employees of PunjabNational Bank, the state-run lender that says it hasbeen the victim of a $1.77 billion fraud, in the first arrests in a fast-widening probe into the country's biggest-ever bank scam.
Physical gold was sold at a discount in India last weekfor the first time in three weeks as demand for the metal slumped due to a jump in local rates, while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia.
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