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MTECHTIPS:-Gold ticks up but holds near 6-month low on U.S. rate hike hopes

Monday, November 21, 2016 0:54
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MTECHTIPS:-Gold ticks up but holds near 6-month low on U.S. rate hike hopes

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MTECHTIPS- Gold prices ticked higher in European hours on Monday, but held near the lowest level since May on expectations for a Federal Reserve rate hike and fiscal stimulus by President-elect Donald Trump. Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $6.15, or 0.51%, to $1,214.85 a troy ounce by 3:33 AM ET (08:33 GMT). It fell to $1,201.30 on Friday, a level not seen since May 30. Market analysts 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%. Prices of the yellow metal are down more than 7% so far this month amid optimism that increased U.S. fiscal spending under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. The greenback hovered close to the prior session’s 14-year high against a basket of major currencies early on Monday, amid a rally driven by the U.S. presidential election and expectations that the Federal Reserve will raise interest rates next month. The dollar index was recently at 101.20, after climbing to 101.54 on Friday, a level not seen since April 2003. 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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