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Internationally Gold Hits 2-Week High On Weak Dollar

Gold: Climbed above $1,860 an ounce on Monday to its highest in two weeks, lifted by a weaker dollar.

The dollar index weakened to its lowest level in more than two weeks at 102.6 as a relief rally across equities and signs of progress in China’s effort to bring coronavirus outbreaks under control spooked investors away from the safe-haven currency.

Still, the gold is expected to remain under pressure as the Fed is set to continue aggressive tightening with at least two 50bps rate hikes priced in by the markets in June and July.

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