Hopes of gradual Fed rate rises fuel gold rally

FT/Henry Sanderson/03-16-17

Gold extended its rally this year as fears that the US Federal Reserve would signal a much faster pace of rate rises failed to materialise.

The precious metal climbed to a peak of $1,234.06 an ounce on Thursday in London, while gold-backed exchange traded funds attracted inflows worth $187m.

…“We see rate increases in 2017 being gradual, and rates remaining at historically low levels,” said Evie Lamprou, head of distribution for Europe at China Post Global, a Hong Kong-based asset manager.

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