Gold Rebound Supported by Lower Energy Costs – ING
Gold extended its recovery, posting its first monthly gain since February, according to ING strategist Ewa Manthey. The precious metal found support from easing Middle East tensions and lower oil prices.
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Gold has extended its recovery, notching its first monthly gain since February, ING strategist Ewa Manthey noted.
The rebound was driven by an easing of geopolitical tensions in the Middle East and a sharp drop in oil prices. Lower energy costs reduce inflation expectations, lending support to the metal.
This marks a turnaround for gold, which had been under pressure in prior months.
Source: FXStreet Forex News