Gold is trading moderately higher today after setting a new 4-month low in yesterday's trading. A broadly weaker greenback lends some support to bullion today. All eyes are now on the FED's upcoming rate decision and the following statement of FED Chair Janet Yellen to see if the word "patient" will be dropped as broadly anticipated and if the U.S. economy has gained enough momentum for an interest rate hike in June. Rates have been near zero since 2008.
A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as gold is dollar-denominated and not yield-bearing.
Gold is currently quoted at USD1,150.20, +0,13% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. Yesterday gold traded as low as USD1,142.50, a four-month low.
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