Gold adds to gains, shrugging off dollar's rebound

Gold prices kept rising on Friday for the fourth day in a row, hovering near a 3-1/2 month high as demand climbs back on the precious metal even as the dollar rebounds today against a basket of currencies.
 
Gold last traded at $1,241.4 an ounce, up from the opening price of $1,238.3, with a session-high at $1,243.7, and a low at $1,236.3.
 
Gold managed to rise on the back of dollar's earlier decline against a basket of currencies on profit-taking, buoying the yellow metal according to their inverse relation, before dollar rebounded today away from a one-week low hit yesterday.
 
Demand rose on gold on as global stocks suffer from profit-taking after hitting record highs this week, raising demand on gold as a safe haven and an alternative investment to stocks.
 
Gold however is still pressured as the Federal Reserve could raise interest rates in the March meeting, underpinning the greenback and hurting the precious metal.