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Gold Prices Bouncing to One-Month High

By Sera Akinci  |  27/03/2017 13:24

On Monday, the gold prices bounced to a one-month high as the cherished metal widespread its rally since the FED rate hike, the collapse of the US dollar as well as the increased global market uncertainty. Usually, the trading falls when rates go up, but the gold spiked overnight and was still ahead this morning. 

Spot gold was at $13.70, 1.1% higher at $1258.50 per ounce in early hours of Monday. The gold prices are at its highest since the 28th of February and 5.15% higher than it traded on March 15th; right after FED’s announcement of 0.25% increase of interest rate. 

In addition, gold is negatively correlated to rates, which increases the opportunity of holding non-yielding assets. Although, today’s rally is most likely linked to the failure of Donald Trump to push through a health care reform bill last Friday with a last minute cancellation of a Congressional vote by Paul Ryan; House Majority Leader. 
 

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