Gold recovered moderately from Friday's selloff but still trades close to 3-month lows. Better-than-expected U.S. jobs data reported on Friday added to expectations that the FED will hike interest rates rather sooner than later sending the precious metal down to intraday-lows not seen since December.
A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as the precious metal is dollar-denominated and not yield-bearing.
Today Eurogroup meetings will be in the focus where the Eurozone finance ministers meet to discuss on how to proceed with Greece as the proposed list of measures is far from complete, the head of Eurogroup Jeroen Dijsselbloem said on Sunday.
Gold is currently quoted at USD1,174.60, 0,71% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.