Dollar Rebounds on Strong US Data While Gold Retreats
At the start of this week, the price of gold declined as the dollar rebounded on strong U.S. data that many believe will prompt the Fed to advance rate hikes. That data includes spot gold declining by 1.7% to reach $1,767.86 per ounce, which is quite a drop from its highest price of $1,809.91 per ounce. U.S. gold futures also dipped by more than 1.5% to reach $1,780.50 per ounce. Gold wasn’t the only metal affected either as silver also hit $22.19, after dropping by 4%. The latest data from the Institute for Supply Management (ISM) shows that industry activity…