gold prices rose significantly, coinciding with investors’ assessment of expectations for a projected increase in interest rates by the Federal Reserve.
Gold futures for June delivery rose 0.6% or the equivalent of $12.7 to $2019.7 per ounce, earning the first gain in three sessions.
In an interview with Reuters, James Pollard, president of the Federal Reserve Bank of St. Louis, stressed the need for the Federal Reserve to continue raising interest to a level deemed restrictive enough to slow inflation, and then stop at that level for a while, to ensure that inflation is fully controlled.
Markets will focus on further comments from Fed officials this week, ahead of a monetary policy decision scheduled for May 3.
Financial markets increased weighted to the Fed’s 25 basis point rate hike at the next monetary policy meeting in May.
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