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Gold is trading lower today, retreating for a second day and of 7-week highs. Gold prices were pushed lower by a stronger U.S. dollar as the precious metal becomes more expensive for holders of other currencies. Weaker-than-expected U.S. labour market data from Friday makes it more likely that the FED will raise interest rates later than previously expected - normally lending support to the precious metal.
Gold is currently quoted at USD1,207.90 -0,22% a troy ounce, still slightly above the USD1,200 level. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday the 17th of march gold traded as low as USD1,142.50, a three-month low.
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