By Naveen Thukral
SINGAPORE (Reuters) - Gold
bounced back on Monday, inching closer to last week's 13-month high,
ahead of crucial policy meetings at the U.S. Federal Reserve and the
Bank of Japan that are likely to provide direction to the yellow metal.
Spot gold had risen 0.6 percent to $1,255.30 an ounce by 0643 GMT, while U.S. gold eased 0.2 percent to $1,256.5 an ounce.
The
main focus is the U.S. Fed's policy meeting on March 15-16, after the
central bank lifted rates for the first time in nearly a decade in
December.
Investors in the precious metals market are also keeping a watch on the Bank of Japan meet.
The BOJ's policy board is set to
discuss this week whether to exempt $90 billion in short-term funds
from its newly imposed negative interest rate, people familiar with the
matter said, after the securities industry warned that investment money
would be driven into bank deposits.
"We
have two central bank meetings this week as the BOJ commence a two-day
meeting today and the FOMC announce their interest rate decision on
Wednesday," said MKS Group trader Sam Laughlin.
Support
at $1,235 should keep the metal buoyant leading into the Fed
announcement, while $1,275-$1,280 will likely cap any moves higher, the
trader said.
After
rolling out bold measures to boost the euro zone economies, including
increased asset-buying and a deeper cut to deposit rates, ECB President
Mario Draghi on Thursday signalled there would be no further rate cuts.
The
relatively weak dollar and a repricing of expectations for U.S.
interest rate rises have helped gold rebound by more than 18 percent
this year.
Bullion regained its role as a
shelter for risk-averse investors in the face of tumbling equities and
fears of a global economic slowdown.
Hedge
funds and money managers increased their bullish position in COMEX gold
to the highest in 13 months in the week to March 8, U.S. Commodity
Futures Trading Commission data showed on Friday, as safe-haven buying
lifted prices to the highest since February 2015.
Physical
gold demand slowed in top consumer China last week, while a strike by
jewellers protesting against the imposition of a tax curbed demand in
India, the No. 2 market.
(Reporting by Naveen Thukral; Editing by Joseph Radford and Savio D'Souza)
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