Gold Taking Short-term Cues From Euro

New York (Apr 15)  Gold prices saw some gains after a pretty dismal week following negative Empire State Manufacturing data, out Wednesday, as Peter Hug explains that while the jury may still be out regarding the U.S. economy, it does keep his belief of no rate hikes until 2016. “We’ll see if we have a scenario similar to 2014, where the first quarter was dismal and then the economy started to pick up, so the jury’s still out there,” he says, “but as long as this economic data keeps coming in as it has been coming in, I see absolutely no impetus from the Fed to move early.” Hug also touches on the euro affecting gold prices, which he believes could trigger a run in gold prices should the 1.10 EUR/USD level be breached. 

Source: KitcoNews