MW: Gold rises modestly as dollar remains on the defensive
By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Gold futures got nudged higher Wednesday as the dollar remained under pressure in the aftermath of the Federal Reserve's latest pledge to maintain U.S. interest rates at exceptionally low levels "for an extended period."
Adding further pressure on the dollar, wholesale inflation fell more than expected in February, down by 0.6%.
Gold for April delivery was up $2, or 0.1%, at $1,123.80 an ounce in electronic trading.
The dollar index (DXY 79.71, -0.05, -0.06%) , which measures the U.S. unit against a basket of six major currencies, lost 0.1%.
Also lifting the precious metal, crude-oil futures rose above $82 a barrel as the OPEC cartel, meeting in Vienna, is widely expected to keep its production quota unchanged.
On Tuesday, gold gained 1.5% as the Fed's decision and as Standard & Poor's affirmed Greece's sovereign rating exerted pressure on the dollar.
