Gold trades above the key $2,000 level on Monday, undaunted by the previous session’s correction, as investors assess the Federal Reserve’s rate hike trajectory.
Spot gold was up 0.2% at $2,007.17 an ounce, while US gold futures were up 0.3% at $2,021.10.
“Friday’s price correction has not affected the positive trend in gold, said Carlo Alberto de Casa, an outside analyst at Kinesis Money, adding that despite profit-taking, the $1,980 to $2 zone $,000 was promising support for the metal.
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Bullion fell 2% on Friday after the dollar rebounded and several Fed officials signaled the need for another rate hike. The interest rate hike reduces the attractiveness of the gold metal, which does not bear interest. The dollar index gained 0.1%, capping gold’s upward momentum and making it more expensive for foreign buyers, while yields on benchmark US Treasuries hit their highest level in two weeks.
In other precious metals, spot silver was up 0.3% at $25.42 an ounce; Platinum was up 0.2% at $1,046.68; and palladium was down 0.4% at $1,498.04.
Source: Ambito
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