Gold Prices Were Little Changed

Gold prices were little changed on Monday as the prospect of imminent interest rate rises kept them near the five-week lows touched last week, while elections in Europe created uncertainty and fueled investor buying.

Investors are focusing on Wednesday's Dutch elections. The chance of a eurosceptic party coming to power in the Netherlands is seen as small but a strong election performance could fuel speculation of a surprise result in French presidential elections in April and May.

Wednesday is also the second day of the U.S. Federal Reserve's two-day meeting. The widely expected decision to raise rates could boost the U.S. currency, which when it rises makes dollar-priced commodities more expensive for non-U.S. firms.

Hedge funds and money managers also slashed their net long positions in COMEX gold from the highest in three months in the week to March 7, U.S. Commodity Futures Trading Commission data showed on Friday.

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Suhani Verma

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