Gold edges higher but heads for second monthly decline
Spot gold rose to $4,567.16 on dip-buying but is set for a 2.2% monthly drop. High oil prices and Fed inflation concerns continue to pressure the asset.
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Gold rose 0.5% to $4,567.16 per ounce on Thursday morning as dip-buyers entered the market following a drop to monthly lows. Despite the daily gain, the metal is down 2.2% in April, marking its second consecutive monthly decline. High energy costs and hawkish shifts in interest rate expectations are curbing the appeal of non-yielding assets for global investors.
