Gold hits highest since March 2022
U.S. dollar index near 2month low
Local gold prices in India hit record high

April 5 Reuters Gold prices rose on Wednesday to their highest level since March 2022 after weak U.S. economic data spurred safehaven demand and expectations that the Federal Reserve might loosen its stance on monetary policy tightening.

Spot gold was up 0.3 at 2,025.49 per ounce, as of 0716 GMT, in thin trade as China and Hong Kong markets were closed for a holiday. U.S. gold futures firmed 0.2 to 2,042.10.

The dollar index hovered near twomonth lows, making bullion cheaper for buyers holding other currencies.

Gold could continue to tear to the upside, given a slowing global economy with high inflation, said Clifford Bennett, chief economist at ACY Securities, adding that the dollar39;s weakness was allowing gold to leap higher.

Gold prices rallied 2 to cross 2,000 per ounce on Tuesday after another batch of weaker U.S. economic data pointed to a slowing economy.

Local gold prices in India hit a record high of 61,399 rupees 747.47 per 10 grams on Tuesday.

Data showed U.S. job openings in February dropped to the lowest in nearly two years, suggesting the labour market was cooling. A separate report showed new orders for U.S.manufactured goods fell for a second straight month in February.

Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim nonyielding bullion39;s appeal.

Metals firm MKS PAMP flagged…