Gold stabilizes above $1,200 on weak dollar

Gold stabilizes above $1,200 on weak dollar

28 April 2015, 16:01

Gold futures fluctuated on Tuesday, a day after recovering sharply from five-week lows to retake the psychologically important $1,200-an-ounce level impacted by speculation Fed policy makers may delay the rate hike.

Gold for June delivery on Comex fell $1.10, or 0.1%, to $1,202.10 an ounce, while May silver advanced 1.6 cents, or 0.1%, to $16.41 an ounce.

“Metals continue to trade with the U.S. dollar, as prices continue to remain above the $1,200 number for gold, against a slightly weaker dollar overnight,” wrote Peter Hug, global trading director at Kitco Metals.

Today the central bank begins a two-day meeting. Market players hardly expect policy makers to take action, but will be watching the central bank’s Wednesday statement for clues to the timing of a rate hike.

Elsewhere, July platinum dropped $10.30, or 0.9%, to $1,143.10 an ounce, while June palladium  fell $8.30, or 1.1%, to $774.15 an ounce.

May copper declined 0.6 cent, or 0.2%, to $2.764 a pound.

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