Gold inches up from eight-week low as dollar weakens GLOBAL-PRECIOUS - See more at: http://www.investmentguruindia.com/CommodityTopNews/Gold-inches-up-from-eight-week-low-as-dollar-weakens-GLOBAL-PRECIOUS#sthash.0wC9w32Y.dpuf

Gold edged up on Thursday to hold just above an eight-week low hit earlier this week, with the U.S. dollar declining against the yen. 

Spot gold was up 0.2 percent at $1,220.56 per ounce by 0316 GMT. It hit an eight-week low of $1,213.81 on Tuesday. U.S. gold futures also gained 0.2 percent, to $1,220.70 an ounce.

Markets are pricing in around a 90-percent chance that the economy is strong enough for the Federal Reserve to raise interest rates at its meeting next month. 

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. 

The dollar edged lower after notching an eight week high against the yen in Asian trade. [USD/] -

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