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MTECHTIPS:-Gold starts the week lower as investors embrace riskier assets

Monday, February 13, 2017 6:22
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MTECHTIPS:-Gold starts the week lower as investors embrace riskier assets




MTECHTIPS-  Gold prices were slightly lower in European morning trade on Monday, as recent actions by U.S. President Donald Trump helped soothe investor worries about uncertainty surrounding the new administration’s controversial policies.Gold for April delivery on the Comex division of the New York Mercantile Exchange dipped $3.90, or about 0.3%, to $1,232.00 a troy ounce by 3:15 AM ET (08:15 GMT). Prices of the yellow metal rallied to a three-month high of $1,246.60 last week amid growing concerns over political risks in Europe and economic uncertainty in the U.S. But futures pulled back as markets shifted focus back on Trump’s efforts to boost economic growth after the president said his administration would be announcing “something phenomenal in terms of tax” over “the next two or three weeks” during a meeting with airline executives last Thursday. Meanwhile, a closely watched two-day U.S.-Japan summit held over the weekend was seen to have ended smoothly, further supporting sentiment. Trump and Japanese Prime Minister Shinzo Abe appeared to have established a quick friendship, allaying investor fears of the meeting ending acrimoniously with Trump talking tough on trade, currency and security issues. The market’s near-term focus was on Federal Reserve Chair Janet Yellen’s congressional testimony scheduled for Tuesday and Wednesday. Her comments will be monitored closely for any new insight on policy and the timing of when it might raise interest rates



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