The price of gold went up for the second day in a row today, rising 0.9 per cent to $1,212.62 an ounce. This is slightly less than yesterday, when the precious metal went up by two per cent in value.
The gains reflect a belief among investors that the US Federal Reserve will take into account recent weak economic data in its April statement tomorrow, making a June interest rate hike less likely.
Gold has been very sensitive to discussions about the central bank's interest rate this year, but there has also been another factor at play, which is the weakness of the dollar. The commodity is traded in this currency, and its recent depreciation in value has made it a more appealing choice for foreign investors.
Overall, gold has had a strong April, up 2.5 per cent in value since the start of the month. This is likely to be its best month since the eight per cent gain it made in January.