International gold prices fell slightly on Wednesday, falling from the previous day's high of $1745.51 since March 25, as strong US economic data reinforced expectations of a rapid recovery in the global economy. However, the dollar index hit an intraday low of 92.249 since March 23, which is expected to limit gold's downside. Spot gold still looks above $1759.
Spot gold fell 0.32 per cent to US $1737.60 / oz, COMEX gold contract fell 0.28 per cent to US $1738.2 / oz, and the dollar index rose 0.05 per cent to 92.327.
Job openings in the US rose to a two-year high in February and hiring improved as domestic demand picked up as vaccination accelerated and companies needed more workers driven by additional fiscal stimulus. (Cecilia Rouse), chairman of the White House Council of Economic Advisers, said on Tuesday that the United States must invest heavily in labor, infrastructure and research and development to remain competitive and remain number one in the global economy. The International Monetary Fund ((IMF)) raised its global economic growth forecast again on Tuesday, predicting that the global economy will grow by 6% this year, a rate not seen since the 1970s. This is largely due to the unprecedented policy in response to the novel coronavirus epidemic.
