• Gold prices hit a two-week high on Monday as the dollar held near five-week lows reached in the previous session, finding support from the U.S. Federal Reserve's conservative guidance on the path of rate hikes this year.
• Spot gold rose 0.4 percent to $1,233.60 per ounce by 0310 GMT, after earlier touching $1,234.60 an ounce, its highest since March 6.
• "The dollar is weaker across the board in Asia and also against the euro. It's pushing gold higher ... a pure technical buying," a Hong Kong-based precious metals trader said.
"The market was geared for a hawkish FOMC and the Fed was really dovish. There was a lot of short-covering. People are now putting gold back on the plate and are more comfortable."
• Spot gold is expected to test a resistance at $1,237 per ounce, a break above which could lead to a gain to $1,243, according to Reuters technical analyst Wang Tao.
• Markets are also bracing for a packed week of Fed messaging with no less than nine different policy makers set to speak, including Chair Janet Yellen on Thursday.
• Hedge funds and money managers had slashed net long positions in COMEX gold for the second straight week in the week to March 14.
Money managers cut their net long position in bullion by 44,058 lots to 49,835 lots, the lowest since early January.
• Spot silver rose 0.4 percent on to $17.39 per ounce on Monday.
Reference: Reuters
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