Gold recovers slightly after a drop to 4-week low

Gold firmed after a four-day decline on Tuesday but languished near a four-week low as investors dumped the metal on expectations hike of U.S. rates this year. 

Gold has recovered only slightly this morning after having dropped to a four-week low of $1,133 per troy ounce yesterday. Spot gold ticked up 0.3 pct to $1,137.05 an ounce, but not too far from a four-week low of $1,132.35 reached in the previous session.

"In euro terms, gold is trading at around €1,030 per troy ounce - the same level at which it was priced before the ECB to all intents and purposes announced a further easing of its monetary policy nearly two weeks ago", notes Commerzbank.