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- Gold recovers from 3-week low but below trades USD1,200
Gold recovers from 3-week low but below trades USD1,200
Gold prices recovered after being flat yesterday. Recently the precious metal is under pressure as global stock markets rally, the U.S. dollar strengthens, the U.S. economy is growing faster than expected and the FED is moving closer to raise benchmark interest rates. The U.S. economy grew at a 5 percent annualized rate in the third quarter, the biggest advance in 11 years, data showed yesterday. Falling oil prices make gold less attractive as inflation hedge. Gold is heading for the first annual decline since 2010 as demand for a haven declines.
Investors await U.S. Initial Jobless Claims due 13:30 GMT. Trading volumes are expected to be low this week which could lead to volatile and erratic markets. The precious metal is currently quoted at USD1,179.10, +0,11% a troy ounce.
GOLD currently trading at USD1,179.10
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