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Nifty Future Tips: Gold prices inch up on weaker dollar

Spot gold rose 0.2 percent to $1,350.51 an ounce at 0120 GMT. It hit a three-week high of $1,361.76 on Friday.
 
Gold prices edged up on Monday on a softer U.S. dollar and as investors bought the yellow metal as a hedge against inflation.
FUNDAMENTALS
 
* Spot gold rose 0.2 percent to $1,350.51 an ounce at 0120 GMT. It hit a three-week high oft $1,361.76 on Friday.
 
* The metal rose 2.4 percent last week, its best weekly gain since the week ended Sept. 1.
 
* U.S. gold futures slipped 0.2 percent to $1,353.10 per ounce.
 
* The dollar index, which measures the greenback against a basket of currencies, fell 0.1 percent to 88.999.
 
* The U.S. currency has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy.
 
* Hedge funds and money managers cut their net long positions in COMEX gold and copper contracts in the week to Feb. 13, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

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