Gold rallied for a second day as falling equities lifted demand for a haven and the outlook for supportive monetary easing made non-yielding assets more attractive.

The metal was set for the biggest back-to-back rally in two weeks, gaining 1.2 percent this week to $1,351.99 an ounce at 11:03 a.m. in London on speculation that the U.S. Federal Reserve won’t raise interest rates before March. Bullion’s haven appeal also increased as stock prices fell in Asia and Europe, while a weaker dollar provided further lift.

Gold is up 27 percent this year as traders eye signs from the Federal Reserve on the future trajectory of interest rates. The next clues will come from the minutes of its July meeting, which are due Wednesday, and from Chair Janet Yellen, who’s scheduled to speak next week at a meeting of global policy makers in Jackson Hole, Wyoming.

“The moves in equities and the dollar are supportive for gold and all eyes now turn to the Fed minutes due out tomorrow,” Robin Bhar, an analyst at Societe Generale SA in London, said by phone. “Looks like we’re stuck in a $1,330 to $1,360 range for the time being, with gold testing on either end.”

March is the first month with a more than evens chance of a U.S. interest rate increase, futures data show. The Stoxx Europe 600 Index was down 0.2 percent. The dollar fell against most major peers.

Holdings in bullion-backed ETPs rose to 2,027.6 tons on Monday, data compiled by Bloomberg show. That’s after falling the most this year on Friday. Eric Mindich’s Eton Park Capital Management almost tripled its options bet last quarter on the SPDR Gold Trust, according to a 13F filing. Soros Fund Management LLC bought 240,000 shares of SPDR in the same period, while selling most of its shares in Barrick Gold Corp., the world’s biggest producer.

Silver was up 1.3 percent at $20.0735 an ounce. Peruvian producer Hochschild Mining Plc climbed as much as 9.8 percent to 323 pence after reporting it returned to profit and that it raised its output target. 

“These are a good set of results that build on the recent solid quarterly production data and with the announcement of the restarting of the dividend they draw a line under a very challenging period for the company,” Numis Securities Ltd. said in a note to investors.

Palladium was up 0.8 percent and platinum gained 2.1 percent.