MTECHTIPS:-Gold reverses gains to hit fresh 2-week low as dollar turns higher
MTECHTIPS:-Gold reverses gains to hit fresh 2-week low as dollar turns higher
Gold prices erased earlier gains to hit a fresh two-week low on Wednesday, as the U.S. dollar firmed after earlier losses amid growing expectations for higher interest rates in the U.S. this year. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery hit an intraday low of $1,184.10 a troy ounce, the weakest level since May 12, before trading at $1,186.40 during U.S. morning hours, down $1.30, or 0.11%. Futures were likely to find support at $1,181.00, the low from May 12, and resistance at $1,208.90, the high from May 26. A day earlier, gold tumbled $17.10, or 1.42%, to end at $1,187.80 after a batch of upbeat U.S. data bolstered the case for a Federal Reserve rate hike this year. Also on the Comex, silver futures for July delivery slumped 7.3 cents, or 0.44%, to trade at $16.67 a troy ounce after falling to a daily low of $16.59, a level not seen since May 13. The euro erased gains against the U.S. dollar, falling to one-month lows, while the greenback rose to an eight-year high against the yen, as demand for the greenback continued to be underpinned by expectations for a U.S. rate hike in the near future. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.4% at five-week highs of 97.78. A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
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