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MTECHTIPS:-Gold rallies as dollar retreats from 2-week high in quiet trade

Thursday, May 12, 2016 2:15

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MTECHTIPS:-Gold rallies as dollar retreats from 2-week high in quiet trade

Gold rallied from a massive two-day sell-off on Wednesday, as the dollar eased off two-week highs from the previous session in quiet trade, while investors continued to await a controversial Brexit vote in late-June and the next moves from top central banks for further signals on the direction of the global economy. On the Comex division of the New York Mercantile Exchange, gold for June delivery traded in a broad range between $1,266.00 and $1,280.60 an ounce before settling at $1,274.15, up $9.35 or 0.74% on the session. Gold fell approximately $30 an ounce over the previous two sessions, as the dollar rebounded amid indications that the Federal Reserve may disregard a soft U.S. jobs report from late last week and warnings from Japan’s finance minister that the government could intervene in foreign exchange markets if necessary. The precious metal is still up roughly 20% since the start of the year and is on pace for one of its strongest first halves in more than a decade. Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,322.10, the high from August 8, 2014. Investors on Wednesday continued to digest comments from Federal Reserve Bank of New York president William Dudley a session earlier on the strength of the dollar. At a closely-watched speech in Zurich, Dudley noted that he doesn’t believe the dollar would falter if other top currencies materialized as alternatives to the greenback as the world’s reserve currency. Last Friday, Dudley emphasized that the U.S. central bank could still raise interest rates as much as twice this year in spite of the downbeat employment data. The dollar has lost approximately 6% against its main rivals over the last five months.

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