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Monday, May 2, 2016

Key Level Reached with Gold on the Weaker Dollar

Gold Reaches Key Level on Weaker Dollar

MAY 2, 2016

Low interest rates across global markets have helped keep gold supported and the U.S. dollar weak.

Gold prices broke above a key level of $1,300 for the first time in 15 months on Monday, driven by a weaker U.S. dollar and lower risk appetite among investors.

Gold for June delivery traded as high as $1,305.60 early in the session before paring gains. Gold was recently up 0.5% at $1,296.90 a troy ounce on the Comex division of the New York Mercantile Exchange, on track for a six-day winning streak.

The WSJ Dollar Index was recently down 0.2% at 84.77. A weaker buck tends to boost gold prices, as the dollar-denominated metal becomes cheaper to other currency holders. On Monday, the dollar traded at its lowest level since May 2015.

George Gero, managing director at RBC Wealth Management, said that as gold trades near the psychologically-important price of $1,300, more individual investors have started asking about holding gold in their portfolios. If the precious metal closes above that level, it will drive even more interest to own the safe-haven asset, he said.

“Asset allocators or fund managers are going to notice,” Mr. Gero said. “Until now, there hasn’t been much of a request from individual investors, but in the last couple days I’ve started to get phone calls” about holding gold.

Low interest rates across global markets have helped keep gold supported and the U.S. dollar weak. Last week, the Federal Reserve decided to keep short-term interest rates unchanged, and signaled it would be slow to raise interest rates this year. Lower interest rates generally help gold prices, since the precious metal competes with yield-bearing assets such as Treasurys.

Mr. Gero said traders will look to U.S. jobs data to be released on Friday for more clues to whether the Federal Reserve will raise short-term interest rates at the next policy meeting in June. Mr. Gero also attributed the intraday break above $1,300 to a lack of trading volume. Markets in London and Asia are closed on Monday for holidays.

http://www.wsj.com/articles/gold-rea...lar-1462203374

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