Gold climbed 1 percent on Monday as a dip in the dollar sparked a rally from the previous session’s six-week low, though caution over the timing of a U.S. interest rate hike kept prices hemmed within a narrow range.
Silver also jumped, to its highest level in nearly four weeks, as the dollar index gave up early gains to fall 0.1 percent. Trading across financial markets was thinned by a UK holiday on Monday, with London markets closed.
Spot gold was up 0.9 percent at $1,188.30 an ounce at 1346 GMT, off a high of $1,192, while U.S. gold futures for June delivery were up $13.10 an ounce at $1,187.60.
On Friday, spot prices fell to their lowest since March 20 at $1,170.20 an ounce after the Federal Reserve indicated that it saw a recent slowdown in the U.S. economy as transitory and did not rule out an interest rate rise this year.
A rate rise – the first in nearly a decade – would lift the opportunity cost of holding gold, while boosting the dollar, in which it is priced.
Investors will be monitoring U.S. economic data due this week, including the key non-farm payrolls report for April due on Friday, for their impact on the dollar and interest rate expectations.
via Reuters
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