Gold held steady on Tuesday as investors swooped in after the metal fell to near five-week lows, while markets wait to see how US nonfarm payroll data due later this week will play into the timing of any rate hike.
According to ANZ analyst Daniel Hynes, “Prices have held up very well. They certainly seem to be supported around this level despite rising expectations of a rate hike”.
Hynes added, “While we have seen some outflows from exchange traded funds, investors are relatively happy to hold gold considering the environment of low interest rates and negative yield”.
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