Last Friday, gold held steady after the US gross domestic product numbers (GDP) showed a 2.2% increase in overall production. This was slightly ahead of the speculated increase of 2%. Initial estimates were actually at 2.6% growth and subsequently were revised downward.
Atlanta Federal Reserve bank president commented to the media that the June Fed FOMC meeting would be the first one to watch for interest rate hikes. He stated that subsequent 2015 FOMC meetings would all examine the issue of interest rate hikes being used to act as a counter measure to strong economic growth and an inflationary money supply.
The University of Michigan consumer sentiment survey was also released, the pending home sales figures for last month and the ISM Chicago business survey. The data may affect risk sentiment and a possible flight to safety and precious metals.
On Monday, gold traded at over $1220, with the rise in gold […]