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.


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