Gold Retreats to Near $1210 as Dollar Gains

Gold steadied on Tuesday below a seven-week high reached the session before as the dollar regained momentum, although uncertainty about the timing of a U.S. interest rate hike kept bullion above $1,200 an ounce.

Spot gold was flat at $1,213.40 an ounce, after hitting a session high of $1,224.10 on Monday, its loftiest since Feb. 17.  U.S. gold for June delivery slipped 0.4 percent to $1,213.80 an ounce.

Friday’s disappointing U.S. non-farm payrolls data fueled expectations that the Federal Reserve could delay an anticipated rate increase this year, boosting gold’s safe-haven appeal. U.S. jobs posted the slowest growth in more than a year in March.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.