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MTECHTIPS;-Gold hovers at 6-month lows on stronger dollar

Friday, November 18, 2016 8:13
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MTECHTIPS;-Gold hovers at 6-month lows on stronger dollar

 

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MTECHTIPS- Gold prices were hovering at a six-month low on Friday, as a broadly stronger U.S. dollar continued to dampen demand for the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 1.01% at $1,204.50, the lowest since May. The December contract ended Thursday’s session 0.57% lower at $1,216.90 an ounce. Futures were likely to find support at $1,199.00 and resistance at $1,231.00, Thursday’s high. The greenback strengthened broadly after the U.S. Department of Labor said on Thursday that initial jobless claims fell by 19,000 last week to 235,000, the lowest level since 1973. Separately, the Commerce Department said housing starts surged 25% in October to hit 1.323 million units, while building permits rose 0.3% to 1.229 million units. Data also showed that U.S. consumer prices rose 0.4% in October, in line with expectations. Year-over-year, consumer prices increased by 1.6% last month, its highest reading since October 2014. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.30% at a fresh 14-year peak of 101.30. 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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