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MTECHTIPS:-Gold futures climb to 6-week high with Trump, Yellen in focus

Tuesday, January 10, 2017 7:12
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MTECHTIPS:-Gold futures climb to 6-week high with Trump, Yellen in focus

 

MTECHTIPS- Gold prices rose to a six-week high on Tuesday, as the U.S. dollar weakened amid uncertainty surrounding the Federal Reserve’s pace of interest-rate hikes. Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session peak of $1,187.65 a troy ounce, a level not seen since November 30. It was last at $1,184.25 by 3:10 AM ET (08:10 GMT), down less than $1.00, after gaining $11.50, or around 1%, on Monday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.2% at 101.72 in early trade. The index fell to as low as 101.48, pulling further away from last week’s 14-year high of 103.82. Gold has been well-supported in recent sessions after minutes from the Fed’s December meeting unsettled investors’ expectations about the pace of future interest rate hikes. A delay in raising interest rates would be seen as positive for gold, a non-interest-bearing asset, and negative for the dollar. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies

 

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