Gold extends post-Fed gain on dollar weakness
Gold futures gained Monday, extending their post-Federal Reserve meeting gains to a third straight session, with the U.S. dollar losing ground against the euro as the U.K. prepared to leave the European Union.
Gold on Friday recorded its strongest weekly climb since early February, following last week’s surprisingly dovish Fed stance on interest rates that depressed the dollar and lifted the yellow metal.
Monday’s “move seemed to reflect lingering reverberations from the [Fed] rate decision. The central bank raised rates as widely expected, but offered nothing to propel the hawkish narrative beyond status-quo projections,” said Ilya Spivak, currency and metals analyst with Daily FX.