GOLD SURGES TO SIX WEEK HIGH

Published on Apr 09, 2021 11:08

Gold futures stayed well supported as a bounce above $1700 per ounce extended amid good buying as traders focused on the durability of the current recovery following a spurt in Covid-19 cases globally. Federal Reserve Chair Jerome Powell said disparate efforts to vaccinate people globally is a risk to progress for the economic rebound. The recovery remains uneven and incomplete, Powell noted in a virtual panel Thursday during the spring meeting of the International Monetary Fund. Gold also benefited from weak US dollar and broke above $1750 per ounce mark, adding nearly 1% to hit a six week high.