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- Gold trading slightly above USD1,200
Gold trading slightly above USD1,200
Gold is currently trading at USD1,208.50 a troy ounce just above the important level of USD1,200 despite a broadly stronger greenback. A stronger U.S. dollar usually weighs on gold. Investors await important U.S. data later in the session to obtain further clues on when the FED is going to raise interest rates. Gold was trading highly volatile in the last sessions along with oil prices as they are affecting inflation and the precious metal is often used as inflation-hedge.
Experts note that the prices of precious metals are likely to remain reduced and tend to decline further in the near term amid signs of strengthening US economy, which could cause the Fed to raise interest rates sooner and faster than previously predicted.
GOLD currently trading at USD1,203.80
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