Trade n Trend

Home » Gold » Gold Trades around $1250

Gold Trades around $1250

The metal currently trades around $1250, its highest levels since March 23rd. Asian equities dropped in early trading which also added to the bid tone around metal. However, Asian indices quickly recovered losses but failed to weaken gold as dollar dropped 0.20% against basket of currencies.

Last week, gold prices inched higher on Friday to settle at a more than one-week peak as a broadly weaker U.S. dollar due to skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year boosted the yellow metal.

Ahead in the day, the metal may continue to find buyers if comments from Us Treasury secretary Jack Lew and Fed’s William Dudley signal the Fed is unlikely to raise rates anytime soon.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: