Gold Prices Rebound After Rate Hike Scare

By RTTNews Staff Writer   ✉   | Published:

Prices of the yellow metal recovered on Monday from Friday's losses triggered by an unexpectedly strong jobs data and a consequent rate hike scare.

The solid jobs data released on Friday had renewed fears of the Fed raising rates further. The renewed focus on jobs data came amidst the Fed's stance that it would monitor the implications of incoming information including readings on labor market conditions. Meanwhile, the CPI data from the U.S. is due from the U.S. on Wednesday.

The Dollar remained weak as the Fed's hints of a pause and jobs data that implied a resilient U.S. labor market triggered uncertainty over the future course of monetary policy in the U.S. The Dollar Index (DXY), a measure of the Dollar's relative strength against a basket of six currencies dropped 0.10 percent overnight to 101.12. The day's range was between a low of 101.04 and a high of 101.34. The Dollar's weakness supported the gains in the prices of the yellow metal.

Gold Futures for June Settlement added 0.34 percent to trade at $2,031.75. The day's trading range has been between $2,034.65 and $2,022.10.

Spot Gold also added 0.34 percent to trade at $2,024.39 per troy ounce. The day's trading range has been between $2,014.46 and $2,026.92.

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