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MTECHTIPS:-Gold rises for second day on a weaker dollar

Tuesday, November 22, 2016 3:59

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MTECHTIPS:-Gold rises for second day on a weaker dollar

MTECHTIPS- Gold prices rose for a second day on Tuesday as the weaker dollar helped lift the precious metal off recent lows. Gold for December delivery on the Comex division of the New York Mercantile Exchange was last at $1,217.50 a troy ounce, after earlier rising as high as $1,220.85. On Monday, gold rose 0.82% after falling to lows of $1,201.30 on Friday, a level not seen since May 30. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 101.02, holding below the 13-and-a-half year high of 101.54 set on Friday. Before falling on Monday the greenback had risen for 10 straight sessions, its longest winning streak since May 2012. Gold is priced in dollars and becomes more affordable to holders of other currencies when the dollar declines. But market analysts have warned that the outlook for gold remains cloudy in the near-term, given a U.S. interest rate hike in December is now a near-certainty. According to Investing.com’s Fed Rate Monitor Tool, odds for a rate hike at the Fed’s December 13-14 meeting are at 100%.

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