ISLAMABAD: Gold rose on Tuesday but stayed on track for its biggest monthly drop in more than 17 years as investors flocked to the dollar as the favoured haven amid the Middle East war that has raised inflation fears and bets for hawkish monetary policy response.
Spot gold climbed 0.9% to $4,550.68 per ounce by 0727 GMT. U.S. gold futures for April delivery gained 0.5% to $4,580.70.
Bullion has declined more than 13% this month, putting it on track for its steepest decline since October 2008.
Prices are, however, up about 5% for the quarter, having scaled a record high of $5,594.82 on January 29. Prices are down 18.70% from record highs.
