Gold holds gains ahead of Fed officials' speeches
2017-03-20 15:43:13 GMT (Economies.com)
Gold holds gains ahead of Fed officials' speeches

Gold prices managed to hold last week's gains on Monday as the dollar retreated against a basket of currencies, while markets await Fed officials' speeches this week. 

 

Gold last traded at $1,233.0 an ounce, compared to the opening of $1,231.3, with a session-high at $1,235.4, and a low at $1,230.0. 

 

Gold's current rise comes after recovering last week following the Federal Reserve's rate hike decision, while reaffirming the gradual approach to tightening the policy this year, underpinning the precious metal and hurting the greenback. 

 

On the other hand, markets await a spate of speeches by Fed officials this week, most importantly Fed Chair Yellen, to take clues about the bank's future monetary policy after asserting its forecast for three rate hikes this year.

 

On the other hand, the G20 meeting saw the dropping of the free and open global trade pledge from the Group's final statement, under heavy pressure from U.S. president Trump's administration, raising concerns about the future of U.S. trade under Trump and raising demand on gold as a safe haven. 

 
 
 
  Symbol Last Change Chg.%
1.0798
0.0014
0.1340%
1.2474
-0.0047
0.3730%
17.748
0.163
0.927%
48.125
0.445
0.933%
50.97
0.41
0.81%
1245.330
0.060
0.005%
 
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