"There's growth, but it doesn’t really seem to be exceptional at the moment," Ben Westmore, an analyst at National Australia Bank, told Bloomberg. "It's basically a currency effect."
The U.S. Federal Reserve is unlikely to raise interest rates due to slow performances by the housing and labor markets. For week-ending January 8, 3.99 million people continued receiving unemployment benefits, an increase from the previous week's total of 3.88 million. The dollar's value dipped when compared to the euro.
"Gold is marginally higher today primarily due to dollar weakness," Mark O'Byrne, executive director of brokerage GoldCore Ltd. in Dublin, told Bloomberg. "With inflation pressures threatening emerging markets and taking hold in developed markets, as seen in the U.K. yesterday, inflation-hedging buying continues."
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