Gold rebounded after falling from a 6-week low in the prior day, as weak Chinese PMI raised speculations of further easing from the PBOC. This was in spite of USD’s strength which was driven by strong factory orders. The benchmark Comex contract rose to a 2-day high of 1192.1 before ending the day at 1186.8, up +1.05%. Crude oil continued hovered around recent high levels. Prices were torn between Saudi’s possible halt in bombing Yemen and a report that supply at Cushing tightened further.
Originally posted here:
USD Rose In Tandem with Gold on Tightening vs Easing Hopes
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