LONDON (Thomson Financial) - Gold hovered near 690 usd supported by a weaker dollar with attention shifting to tomorrow's US interest rate meeting.
At 3.24 pm, spot gold was quoted at 687.95 usd per ounce against the 687.85 usd level seen in late New York trade Friday. The metal touched 690.75 usd earlier in the session.
Last week, gold gained nearly 2 pct, mainly propelled by a soft US currency.
Trading was thin, however, as the UK is closed for a May Day holiday today.
A weaker dollar last week, which continued to struggle today against the euro, prompted investment into the precious metal as an alternative asset.
'Gold is marching to the sombre beats of the greenback's apparent funeral song,' said Kitco analyst, Jon Nadler, adding gold was showing 'signs of preparing an assault on the 695-700 usd area.'
Traders and analysts have been calling for the yellow metal to reach the 700 usd milestone for some time now.
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