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MTECHTIPS:-Gold slides as dollar jumps on March rate hike hopes
Wednesday, February 22, 2017 0:58
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MTECHTIPS:-Gold slides as dollar jumps on March rate hike hopes
MTECHTIPS- Gold prices were under pressure during North American morning hours on Tuesday, adding to overnight losses, as the U.S. dollar rose broadly after two Federal Reserve policymakers pointed to the potential for U.S. interest rates to rise next month. Gold for April delivery on the Comex division of the New York Mercantile Exchange lost $9.45, or about 0.8%, to $1,229.75 a troy ounce by 8:40 AM ET (13:40 GMT), after falling to a session low of $1,228.70. There was no settlement in Comex gold prices on Monday, due to the President’s Day holiday in the U.S. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.6% to 101.53 in early New York morning trade, rising back toward last week’s more than one-month high of 101.75. Meanwhile, 10-year U.S. government bond yields rose 3.6 basis points to 2.461%. Philadelphia Fed President Patrick Harker said Monday that he would likely support an interest rate increase at the central bank’s next meeting in March if he sees additional evidence that inflation is gaining momentum. His comments came after Cleveland Federal Reserve President Loretta Mester said she would be “comfortable” raising interest rates at this point if the economy maintained its current pace of performance.
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