Gold Misses a 16th Month Peak as Dollar Bounced Back misses a 16th month peak in europen trade on wednesday as the U.S dollar staged a recovery after a pair of Federal Reserve Officials talked up U.S interet rates hike this year.

Gold for june delivery on the comex division of the New York Mercantile Exchange fell to an intraday low of $1,280.50 a troy ounce.

The dollar bounced back against a basket of six major currencies on wednesday,climbing to a high of 93.23,its weakest level since january 2015.

A gradual path to higher is seen less of a threat to gold prices.

Investors are keen on upcoming report of upbeat employement which support the case for the Federal Reserve to gradually tighten monetary policy this year.