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MTECHTIPS:-Gold snaps losing streak as US dollar comes under pressure

Thursday, February 16, 2017 3:25
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MTECHTIPS:-Gold snaps losing streak as US dollar comes under pressure



MTECHTIPS-Gold Futures benefited from a retreat in the dollar, despite strong U.S. economic data which confirmed that the growth story in the U.S. economy remains on track. Gold’s comeback from its three-month low of $1123.50 set on Dec 1, appears to be at risk as expectations of a March rate hike accelerate. On Tuesday, Federal Reserve Chair Janet Yellen in a testimony to congress said that it would be unwise to keep interest rates lower for longer. Philadelphia Fed President Patrick Darker and Boston Fed President Eric Rosenberg further fueled expectations of a rate hike sooner rather later, as they both said they see at least three-rate hikes this year. In a rising dollar and higher interest rate environment, gold typically loses its shine among investors as its denominated in dollars and doesn’t yield a rate of return. Gold shrugged of expectations of an rate hike and bounced off session lows of $1217.50, as the dollar rally fizzled out, which prompted a revival in commodities across the board. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose $8.8, or about 0.7 percent, to $1,234 a troy ounce by 15:45 ET. Among other precious metal silver traded higher at $17.97, up 0.48% while Copper, which hit a 20-month high 


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