Profile image
Story Views

Last Hour:
Last 24 Hours:

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

Thursday, February 23, 2017 4:02
% of readers think this story is Fact. Add your two cents.

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


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 

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity tips




We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


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



Top Global


Top Alternative




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.