The Federal Reserve chairwoman has indicated that a March interest rate hike is likely, amid robust jobs growth, rising inflation, and strengthening economic conditions in the U.S. Political parties favoring the renegotiation of the terms of membership of the respective member countries with the European Union have gained currency, particularly in France and the Netherlands. However, barring any surprise outcomes in the European elections, we expected firming economic conditions in the U.S. to act as a dampener on gold prices.