by Kathleen Retourne
The gold price was unchanged on Tuesday as it largely ignored the return of European markets, ollowing an extended break for Easter.
Spot gold was last at $1.217.40/1,217.80 per ounce, a marginal $0.80 increase on the previous close. The yellow metal had fallen to four-week lows last week as dollar strength capped gains.
The key focus this week will be on the US Fed chair Janet Yellen’s speech tonight, which market participants will scrutinise for a clearer direction as to when interest rates will be raised again.
“Most of the Fed Chair’s dovishness feels priced in after FOMC two weeks ago, but a change in tune towards a more hawkish tilt may see a sharp US dollar rally,” MKS Capital noted.
The dollar index was last at 69.01 – virtually unchanged on the previous close. Also of note this week will be the blockbuster US non-farm payroll data, set for release on Friday.
Silver at $15.105/15.135 was little changed on the previous close. Platinum increased $3 to $944/949 and palladium was down $2 at $567/572.
(Editing by Martin Hayes
