by David Levenstein, Gold Silver Worlds:
During the month of April, gold prices were range bound between $1180 and ounce and $1215 an ounce with much of the transactions being set at around the $1200 an ounce level.
Gold prices bounced off the previous session’s six-week low on Monday, but remained under pressure as the U.S dollar firmed while buyers remained cautious on the timing of a US interest rate hike. June gold closed up $12.60 an ounce at $1,187.10 an ounce and spot gold ended the day at $1187.80 per ounce.
Gold hit its’ highest since early April at $1,215 earlier this week but failed to hold that level after the latest Federal Reserve meeting. Last Wednesday, the Federal Reserve downgraded its view of the U.S. labour market and economy in a policy statement that suggested the central bank may have to wait until at least the third quarter to begin raising interest rates.
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