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Gold booked gains in today's trading, recovering from early losses and is back above the USD1,200 threshold but still well below the 2-week high set on Monday. The precious metal was supported by a broadly weaker U.S. dollar today. Gold fell the most in five months in February with the prospect for higher U.S. rates who recently weighed on the precious metal, even though the start of an interest rate hike may be delayed. As the precious metal is dollar-denominated and not yield-bearing a strong U.S. dollar and higher interest rates limit the attractiveness of bullion. Physical demand from China and India supported the price of gold in the last week but is seen weakening.
The precious metal is currently quoted at USD1,207.50, +0,12% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.
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