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MTECHTIPS;-Gold struggles to hold onto gains as dollar rises

Thursday, February 23, 2017 4:02
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MTECHTIPS;-Gold struggles to hold onto gains as dollar rises

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MTECHTIPS- Gold futures drifted lower as the dollar gained momentum, as traders anticipated new clues on the likelihood of a March U.S. interest rate hike with the minutes from the Federal Reserve Open Market Committee (FOMC) in focus. Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $5.85 or about 0.48%, to trade at $1,233.05 a troy ounce by 13:32 ET, after falling to a session low of $1,232. Gold recovered from early session losses to trade just shy of its three-month peak of $1.243.90 but gains were short-lived, after the dollar resumed its climb higher with traders nervously awaiting the release of the minutes from the FOMC. The minutes from the FOMC is due on Wednesday at 14:00 ET (19:00 GMT). Many expect a hawkish tone among policymakers, after several Fed members’, including Fed Chief Janet Yellen, indicated that the Fed should tighten interest rates sooner rather, should the U.S. economy continue to show robust growth. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. Elsewhere, silver traded lower at $17.95 down 0.27% while copper shed more than 1% to trade at $2.73 Meanwhile, natural gas futures recovered from heavy losses sustained in the previous 

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