- MarketPulse - https://www.marketpulse.com -

Gold Steady Around $1170 after Solid Gain

Gold posted its biggest daily percentage gain since Jan. 30 on Thursday following a more cautious than expected interest rate statement from the U.S. Federal Reserve.  U.S. gold futures for April delivery closed 1.5 percent higher at $1,169 an ounce, its highest settle since March 5.

Spot gold rallied to a peak of $1,177.46 an ounce earlier in the session and the dollar tumbled after the U.S. Federal Reserve signalled a slower pace of interest rate hikes and gave a cautious outlook for the U.S. economy.

Gold failed to maintain those gains, however, as the dollar recovered from an early low to rise 0.6 percent against a currency basket. The U.S. unit extended gains after jobless data indicated the American labor market remained on a solid footing despite slowing economic growth.

CNBC [1]

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.


Latest posts by marketpulsefxstaff (see all [4])