Gold hits two-week high as dollar falls after G20 trade message

Reuters/Maytaal Angel/03-20-17

Gold prices scaled a two-week peak on Monday as the dollar slid to a six-week low after a G20 weekend summit dominated by the U.S. administration’s protectionist stance on global trade.

The precious metal has been rising since Wednesday, when the dollar dropped after the U.S. Federal Reserve raised interest rates but stopped short of predicting a sharper acceleration in monetary tightening over the next two years.

…”Overall the geopolitical outlook still points to several hotspots … and we’re not going to see a focus on rate rises for the foreseeable future now, because that’s out the way. Over the next few weeks one has to favour the upside,” said Ole Hansen, head of commodity strategy at Saxo Bank.

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