Good news for the U.S. economy, in the form of a solid jobs report, decked gold on Friday, leading some analysts to write the yellow metal off for the year.
“It’s the nail in the coffin for gold,” said Howie Lee, an investment analyst at Phillip Futures, noting it fell despite increasing tensions over Greece. “It’s increasingly likely [the Federal Reserve] will hike in June. Prospects of higher interest rates have proved to be a catalyst for gold’s downfall.”
On Friday, gold for April delivery fell as much as 3.6 percent in intraday from Thursday’s high, touching a low of $1,228.20 an ounce. In early Asian trade Monday, it recovered somewhat, trading around $1,237.10 an ounce
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015