Dovish Fed plays down taper talk and Gold finds its mojo
A weekly market summary for gold, Jul 12-16
GOLD prices broke higher to a month high above US$1,820 an ounce, after Federal Reserve chair Jerome Powell soothed investor fears by reassuring that he was in no rush to tighten policy.
Sentiment this week has been in favour of bullion, with Mr Powell's reassurances having a muting effect on longer term US bond yields and putting brakes on a resurgent dollar.
Gold prices moved up, trading higher above US$1,820, a resistance level turned support. Prices had been consolidating around US$1,800 in the previous week.
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