Gold edges up, heads for biggest monthly gain since Aug

31/01/2012 11:07 AST

Gold ticked up on Tuesday after the euro rebounded, while bullion prices headed for their biggest monthly rise since August as lingering concerns about growth in the United States prompted buying from investors.

Gold jumped nearly 5% last week, its fourth consecutive weekly gain, after the US Federal Reserve pledged to keep interest rates near zero until at least late 2014, which could put pressure on the dollar.

Gold added $7.45 an ounce to $1,736.09 an ounce by 0656 GMT, having hit a low around $1,716 on Monday.

"Although charts look exhausted, US dollar weakness and recent Fed activity seems to be giving fundamental boost for gold to stay above $1,710," said Pradeep Unni, senior analyst at Richcomm Global Services.

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