Gold rose to the
highest in two weeks amid speculation that U.S. policy makers will hold
off on raising interest rates until later this year.
Federal Reserve Chair
Janet Yellen signaled last week that the central bank is in no hurry to
raise rates after the Fed dropped a pledge to be patient on tightening.
Higher borrowing costs cut gold’s allure because the metal generally
offers returns only through price gains.
The dollar touched the
lowest in two weeks against a basket of 10 currencies after Fed Vice
Chairman Stanley Fischer said on Monday that while higher rates will
probably be warranted by before the end of the year, policy makers want
to be “reasonably confident” that inflation is rising toward their 2
percent goal.
On the Comex in New
York, gold futures for April delivery rose 0.3 percent to settle at
$1,191.40 an ounce at 1:39 p.m. Earlier, the price reached $1,194.50,
the highest for a most-active contract since March 6.
Holdings in exchange-traded products backed by gold climbed on Monday for the first time in a month.
Source : Bloomberg
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