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MTECHTIPS:-Gold rises despite strong dollar, Fed rate hike outlook

Tuesday, October 25, 2016 7:05
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MTECHTIPS:-Gold rises despite strong dollar, Fed rate hike outlook

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MTECHTIPS- Gold prices added to overnight gains during North America’s session on Tuesday, as market players looked ahead to more U.S. economic data for clues on the likelihood of a December rate hike. Gold for December delivery on the Comex division of the New York Mercantile Exchange advanced $7.55, or 0.61%, to $1,271.35 a troy ounce by 8:45 AM ET (12:45 GMT). A day earlier, the yellow metal lost $4.00, or 0.32%. Also on the Comex, silver futures for December delivery jumped 16.3 cents, or 0.93%, to $17.76 a troy ounce during morning hours in New York. U.S. consumer confidence data will be in the spotlight on Tuesday, as investors attempt to gauge if the world’s largest economy is strong enough to withstand an increase in borrowing costs before the end of the year. The Conference Board will publish October consumer confidence figures at 10:00 AM ET (14:00 GMT). Analysts expect the index to tick down to 101.0 from 104.1 in September. The Richmond Fed survey is also due Tuesday morning. Meanwhile, Atlanta Fed President Dennis Lockhart is scheduled to speak at 1:20 PM ET (17:20 GMT) on lending and investing in community development. Fed speakers will then be in a quiet period ahead of the central bank’s meeting next week. A recent string of upbeat U.S. economic data combined with hawkish remarks from key Fed officials heightened expectations for higher interest rates in the coming months.

 

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