WASHINGTON (dpa-AFX) - Gold inched higher Monday morning even as the dollar jumped to its highest in about 11 years versus a basket of major currencies.
The precious metal has found support in recent days after big losses earlier in February were fueled by expectations the Federal Reserve will raise interest rates by mid-year.
Some analysts now say that a September rate hike is more likely than June, giving global economic headwinds, low inflation, and a relatively lackluster rise in U.S. GDP during the first quarter.
Meanwhile, reports suggest Apple is planning to buy up vast amounts of gold to produce high-end versions of its Apple Watch.
Gold for April was up $4 at $1217 an ounce.
Silver picked up 5 cents to $16.61 an ounce.
Copyright RTT News/dpa-AFX