Spot gold was up 0.1 per cent at $1,882.61 per ounce at 10:25 am EDT (7:55 pm IST), having last week reached its highest since Jan. 8 at $1,889.75. US gold futures gained 0.3 per cent to $1,881.50.
Gold in New Delhi gained Rs 95 to Rs 48,015 per 10 gram amid a positive global trend and rupee depreciation, according to HDFC Securities. In the previous trade, it had closed at Rs 47,920 per 10 gram.
A tick lower in the dollar and U.S. yields is acting in gold's favour, Bob Haberkorn, senior market strategist at RJO Futures said, adding stronger equity markets were providing a counterweight.
The dollar was pinned near three-month lows, while U.S Treasury yields were subdued, reducing the opportunity cost of holding non-interest paying bullion.
Investors now await to hear if Federal Reserve speakers this week will stick to a patient policy, while awaiting data including US gross domestic product, jobless claims and durable goods. "If (data) comes out substantially better-than-expected that would probably be bearish for gold, because the likelihood of a Fed taper (of its bond-buying programme) will be sooner rather than later," Haberkorn said, adding if the data is worse-than-expected, gold could trade north of $1,900 fairly quickly.
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