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- Gold below four-month high after yesterday’s rally
Gold below four-month high after yesterday’s rally
Gold prices declined today from a four-month high hit yesterday as market participants take profits. The precious metal rose sharply yesterday as the SNB decided to discontinue the minimum exchange rate of 1.20 per euro and lowered interest rates more into negative territory to -0.75 in a surprise move. Although retreating from highs gold remains supported by mixed U.S. economic reports but a broadly strong dollar weighs as it makes gold more expensive for holders of other currencies.
Gold prices rose nearly 6 percent this month, after declining for two consecutive years, but the forecast for the current year remains uncertain.
Today investors look ahead to data on CPI, Industrial Production, Capacity Utilization and the Reuters/Michigan Consumer Sentiment Index to get a better picture on the economic outlook of the U.S. and when the FED will raise benchmark interest rates. It is worth emphasizing, lower interest rates positive effect on gold, because it lowers the relative cost containment metal that guarantees investors a profit.
The precious metal is currently quoted at USD1,257.70, -0,11% a troy ounce.
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