Bengaluru — Gold prices held firm on Friday as tension between the UK and Russia and renewed US political concern offset worry about a possible US rate increase next week. Spot gold was unchanged at $1,315.50/oz at 2am GMT. Spot gold has fallen 0.6% so far this week. US gold futures for April delivery fell 0.2% to $1,315.20/oz. Gold prices fell 0.7% in the previous session, under pressure from a stronger US dollar. The dollar rose versus a currency basket as traders, awaiting next week’s Federal Reserve meeting, eyed data that showed the number of Americans filing for unemployment benefits fell last week. The US Federal Reserve will begin its two-day rate setting meeting on March 20, at which the US central bank is expected to raise interest rates for the first time this year. "Investors are starting to focus on next week’s Fed meeting, which should be constructive for the dollar and bearish for gold," said INTL FCStone. Gold is highly sensitive to rising US interest rates, because ...
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