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- Gold recovers after four days of losses
Gold recovers after four days of losses
Gold is trading higher at the end of the week, back over the USD 1,200 level, after retreating for four days in a row. The minutes of the last FOMC policy meeting showed that the board is divided on whether to hike interest rates in June or not. As a consequence of the weaker-than-expected GDP growth and disappointing labour market data a potential interest rate hike might be delayed till September. But speculations for a midyear rate hike by the FED - despite weaker economic data coming from the U.S. - weighed on the precious metal. According to FED Governor Powell the FED could hike interest rates as early as June if labor markets data remains strong and points to a recovery.
A stronger US dollar is putting pressure on gold, as it reduces the metal's appeal as an alternative asset and makes dollar-denominated commodities more expensive for holders of other currencies.
Gold is currently quoted at USD1,202.40 +0,72% a troy ounce, back above the USD1,200 level. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday the 17th of march gold traded as low as USD1,142.50, a three-month low.
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