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- Gold: focus on key U.S. data later in the week – prices below USD1,200 again
Gold: focus on key U.S. data later in the week – prices below USD1,200 again
Gold fell under the important USD 1,200 level again at the start of the week after Friday's pullback from a 4-day decline. The minutes of the last FOMC policy meeting showed that the board is divided on whether to hike interest rates in June or not. Even though the weaker-than-expected GDP growth and disappointing labour market data could delay a potential interest rate hike a lot of market participants speculate that the FED is on track for a mid-year hike, weighing down 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. Markets focus on key U.S. data including inflation, consumer sentiment as well as industrial production and housing starts due later this weak
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 USD1,198.10 -0,80% a troy ounce, falling under the USD1,200 mark again. 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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