Gold Hits Three-week Highs As Dollar Broadly Lower Versus Rivals

Gold surged to a nearly three-week high on Tuesday as the greenback dropped to a six-week low against a basket of currencies.

The dollar extended its downward rally from last week following U.S. Federal Reserve’s comments that disappointed dollar wagers. The dollar index, which measures the greenback against a basket of six major currencies, lost nearly 0.6 percent at 99.77. On the back of a weak dollar, gold soared to the highest level since March 02nd to trade above $1242.00 an ounce.

Helping depress the dollar, euro strengthened as prospects of presidential candidate Emmanuel Macron to win the Elysee race mounted after his performance in France’s presidential debate. Meanwhile, British Pound surged to three-week highs on Tuesday after data showed U.K. consumer prices rose at the fastest pace in nearly three and a half years in February.

Trade suggestion

Buy Stop at 1242.00, Take profit 1249.00, Stop loss at 1239.00

 

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