Gold Hovers Over Support at $1180 on Strong Equities

Gold was languishing near its lowest in over a month on Monday, as record-high equities dented its appeal as a safe-haven, with investors also focusing on the Federal Reserve’s policy meeting this week for clues on the timing of a U.S. rate hike.

Spot gold had ticked up 0.2 percent to $1,181.11 an ounce by 0044 GMT, but wasn’t too far from its lowest since March 20 at $1,174.73, reached in the previous session.

Bullion tumbled over 1 percent on Friday after equity markets worldwide climbed to record highs as solid corporate earnings and an all-time peak for the Nasdaq stock index stoked investor optimism.

CNBC

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.