Gold prices rose Tuesday morning on the back of a weaker U.S. dollar.
Federal Reserve official William Dudley, who once pushed for a mid-summer rate hike, now says he is not sure when the central bank will tighten.
“Market participants now seem to share” policymakers’ idea “that lift-off is likely to begin sometime later this year.”
However, “To be as direct as possible: I don’t know when this will occur,” he added.
Despite April’s strong jobs report, Fed officials may want a few more months of upbeat data before they are convinced the winter economic lull is a fluke.
With the dollar sliding near 2-month lows on the rate hike outlook, gold for June was up $11 at $1193.
Gold has been stuck in a stubborn range near $1200 since April.
The material has been provided by InstaForex Company – www.instaforex.com