Lower-for-longer interest rates narrative continues to ring well for bullion bulls, analyst says
Bengaluru — Gold edged higher on Monday after weak US data raised concerns over a quick economic rebound from the coronavirus-led slump and cemented hopes that lower interest rates would last longer.
“The lower-for-longer interest rates narrative continues to chime well for the gold bulls right now.” Central banks worldwide, including the Fed have rolled out huge stimulus measures and slashed interest rates near zero to mitigate the virus impact on the economy, helping gold climb more than 28% so far this year.Limiting gold’s advance, the dollar index held steady against its rivals after hitting a one-week high in the previous session.
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