Bengaluru — Gold prices inched up on Wednesday, but remained near four-week lows hit in the previous session as the expectation for a US rate increase in March gathered momentum. Federal Reserve chair Janet Yellen last week said the central bank was poised to lift benchmark US rates provided jobs and inflation data held up, comments seen as cementing plans for an increase at the Fed’s March 14-15 meeting. Investors are now awaiting nonfarm payrolls data for February on Friday as a key barometer of the US economy. "Gold has made a modest recovery this morning as early Asian buyers are sighted. Whether they are picking up gold at a bargain rate or are catching a falling knife remains to be seen," said Jeffrey Halley, senior market analyst at Oanda. Spot gold had edged up 0.1% to $1,216.5/oz by 3.23am GMT. It marked its lowest since February 3 at $1,213.6/oz in the previous session. Bullion is highly sensitive to rising US interest rates, as these increase the opportunity cost of holdi...
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