Reuters. Gold bounces off 6week low as dollar gives back gainsInvestingGold prices rose for
sell rs gold the first time in three sessions on Monday, as traders monitored the direction of the dollar while speculating on the timing of a Federal Reserve rate hike.On the Comex division of the New York Mercantile Exchange, gold futures for June delivery hit an intraday peak of 1,191.
A troy ounce, before trading at 1,190.50 during U.S. morning hours, up 16.00, or 1.4%.On Friday, gold hit 1,168.40, the lowest since March 19, before ending at 1,174.50, down 7.90, or 0.67%. Futures were likely to find support at 1,159.70, the low from March 19, and resistance at 1,214.60, the high from April 28.
Also on the Comex, silver futures for July delivery surged 53.8 cents, or 3.33%, to trade at 16.67 a troy ounce. Futures dipped 1.8 cents, or 0.11%, on Friday to close at 16.13.The U.S. dollar index, which measures the greenback s strength against a tradeweighted basket of six major currencies, was down 0.
To trade at 95.34 early Monday after hitting an overnight high of 95.78. In the week ahead, investors will be focusing on Friday s U.S. nonfarm payrolls report for April, for a fresh indication on the strength of the economic recovery.A recent run of disappointing U.S. economic data dampened optimism over the recovery, fuelling speculation the Federal Reserve could delay hiking interest rates until late 2015, instead of tightening midyear.
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