Gold sees glimmer of hope as US dollar hits rough patch

The US dollar index fell 1.2 per cent last week marking its first decline in four weeks and has corrected more than 2 per cent from the 2002 high set earlier this month. The US currency lost momentum last week also as European Central Bank joined other central banks in monetary tightening ECB raised interest rate for the first time since 2011 and decided to raise lending rate directly by 0.5 per cent surprising few who were expecting a more gradual approach.