11-07-2014, 12:44 PM
| | Gold prices slightly recover from 4 and half year low
Gold prices slightly recovered on Friday from its lowest level in four years and a half, but are still weighed down by higher the U.S. dollar.
The yellow metal’s decline came due to the pressure being applied by the dollar, this as well as optimism about the U.S. economy in general, and in particular, optimism about the Federal Reserve’s next step regarding raising interest rates sooner than expected.
On the other hand, the U.S. non-farm payrolls will be released later today, which, if positive may push the metal further to the downside.
Moreover, gold prices could suffer losses for the third consecutive week, in light of the ongoing negative impact of the strong dollar and growing confidence in the U.S. economy.