Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

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

Thursday, February 16, 2017 3:25
% of readers think this story is Fact. Add your two cents.

Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

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 

 

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.