The precious metal fell more than five percent in value in February.
(Photo: obs)
Dusseldorf After a weak February, gold is about to make its third daily gain in a row. On Wednesday, the price of a troy ounce of the precious metal increased by 0.6 percent to around $1,840. Analyst Craig Erlam from the online broker Oanda points to the weaker dollar as the reason: “Other currencies are reacting positively to the Chinese economic data.”
Overall, however, gold is still under pressure. The weakest monthly result for almost two years could only be averted in February thanks to the most recent price gains. On a monthly basis, gold ultimately lost 5.2 percent in value, ending a streak of three consecutive months of gains. From November to January, the price had risen by 18 percent overall.
The further prospects depend on three factors, explain the analysts of the Swiss bank UBS around the commodities expert Giovanni Staunovo.
1. How far will interest rates rise?
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