06.05.2015 - Gold price holds below $1,200
Gold held below $1,200 an ounce before U.S. monthly jobs data later this week that may provide indications on when the Federal Reserve will boost interest rates. Gold last week erased this year’s gains after the Fed said U.S. growth will rebound, damping speculation that rate rises may be delayed amid mixed data on the economy. Fed Bank of Chicago President Charles Evans said on Monday the central bank should wait for more evidence wages are rising before boosting rates. Higher rates hurt the allure of gold, which usually only provides a return if prices rise. “The market will remain focused on the U.S. payrolls number to be released this week,” Australia & New Zealand Banking Group Ltd. wrote in an e-mailed note. “A weak print could see gold push above $1,200 an ounce.”..............................................Full Article: Source
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