MTECHTIPS:-Gold struggles near 2-week low on Fed rate hike expectations
MTECHTIPS:-Gold struggles near 2-week low on Fed rate hike expectations
Gold prices struggled near a two-week low struck in the previous session on Thursday, amid growing expectations that the Federal Reserve would raise interest rates after the summer. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery inched up $2.50, or 0.21%, to trade at $1,189.00 a troy ounce during European morning hours. 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 fell to $1,183.90, the lowest level since May 12, before ending at $1,186.50, down $1.30, or 0.11%, as the U.S. dollar rallied amid speculation the Fed was on track to raise interest rates in September. Economic data released in the past week, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the economy is gaining momentum after a slowdown in the first quarter, supporting the case for higher interest rates later 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. Also on the Comex, silver futures for July delivery tacked on 4.1 cents, or 0.25%, to trade at $16.68 a troy ounce. Silver hit $16.58 on Wednesday, a level not seen since May 13, before closing down 9.9 cents, or 0.59%, at $16.64.
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