Bengaluru — Gold prices edged up on Monday on a softer US dollar and as investors bought the metal as a hedge against inflation. Spot gold rose 0.2% to $1,350.51/oz at 1.20am GMT. It hit a three-week high oft $1,361.76 on Friday. The metal rose 2.4% last week, its best weekly gain since the week ended September 1. US gold futures slipped 0.2% to $1,353.10/oz. The dollar index, which measures the greenback against a basket of currencies, fell 0.1% to 88.999. The US currency has been weighed down by a variety of factors this year, including the concern 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 long positions 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 global recovery for equity markets as s...
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