Gold Rises in Likely Technical Recovery
Gold rises in the early Asian trade in a likely technical recovery. Gold ended Friday's trading with largest weekly price drop since the Covid lockdown in March 2020.
Recently, Fed Chair Jerome Powell emphasized there's no hurry to cut rates, pointing to U.S. economy's "notable" performance, says Pepperstone's Quasar Elizundia in an email. The shift in Fed rate-cut expectations and U.S. dollar strength have pressured the precious metal, the research strategist adds.
Spot gold is 0.4% higher at $2,572.17/oz.
Source: Marketwatch