“What’s been most interesting this year is the breakdown of what gold is tracking most closely, and that has been the U.S. dollar,” Standard Chartered analyst Suki Cooper said, adding that underlying investment interest has been muted. “My main concern with the price run-up that we’ve seen this year is that it hasn’t been accompanied by broad investment demand,” she said. “To really breach that $1,360-1,375 level, we need the U.S. retail investor on board as well.”
Gold rebounds from biggest weekly loss this year as dollar slips
Gold rose on Monday as a softer dollar helped the metal rebound from its biggest weekly loss this year, but moves were muted before the debut congressional testimony by Federal Reserve Chair Jerome Powell later this week. Spot gold was up 0.4 percent at $1,333.74 an ounce at 1503 GMT, while U.S. gold futures for April delivery were up $4.90 an ounce at $1,335.20.
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