Gold holds above 5-1/2-year low as dollar weakens, bears still dominate

27-Jul (Reuters) – Gold found respite from recent hefty losses, trading just under $1,100 an ounce on Monday as a weaker dollar helped it up from 5-1/2 year lows, but expectations for a near-term U.S. interest rate hike was seen keeping momentum firmly with the bears.

The Federal Reserve will hold a two-day meeting this week where policymakers are likely to send more signals pointing to a rate rise later in the year as the U.S. economy strengthens.

[source]