SINGAPORE . Gold rebounded from its lowest level in five months. Investors began to chase the yellow , because the price is already low , fell sharply in recent post . Moreover , the U.S. dollar began to weaken muscles .
This precious metal has dropped 3.4 % in four trading days up to yesterday . Political issue in Greece prompted investors prefer the dollar . Greece will hold a second election , after failing to form a government . This news raised concerns about the future of the countries in the euro bloc .
While the U.S. dollar fell from its strongest level in four months against the euro . Because the Fed policy makers said that further monetary policy easing may be necessary .
After five days truncated, gold rebounded 0.7 % to U.S. $ 1549.55 per troy ounce , before trading at U.S. $ 1,544.77 at 10:22 am Singapore time . Yesterday , the price had dropped to U.S. $ 1,526.97 . This is the lowest level since December 29 .
Meanwhile , gold for June delivery rose 0.5 % to U.S. $ 1544.50 per troy ounce on the Comex division of Nymex - .
" Gold has been in oversold position ( oversold ) . Investors interested in buying at the current starting price is low enough . However , in the short term , the strengthening dollar would cause the increase is limited , " said Dong Zhuying of Haitong Futures Co.
