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MTECHTIPS:-Gold tentatively higher but remains under pressure

Tuesday, March 14, 2017 4:04
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MTECHTIPS:-Gold tentatively higher but remains under pressure

 

MTECHTIPS- Gold prices traded slightly higher on Monday, as political jitters from Europe supported demand for the yellow-metal while the possibility of a U.S. rate hike later this week capped further gains. Gold for April delivery on the Comex division of the New York Mercantile Exchange gained $2.15 or 0.18%, to trade at $1,203.55 a troy ounce, after closing above the important psychological trading level of $1200 in the previous session. Gold held firm in early morning trade on Monday, after investors braced for a fresh round of political uncertainty from Europe ahead of the Dutch parliamentary election on Wednesday. Although the risk of a Neuroscience party emerging as victorious is slim, the Dutch election represents a high volatile scenario as it comes ahead of the French elections. “[…] the timing of the Dutch elections, just ahead of the French elections, could make them market sensitive after all, if only as a bellwether for coming elections across Europe and in France in particular.” Barclays Research said in a note to clients. Upside momentum in the yellow-metal remained capped as political uncertainty continued to play second fiddle to expectations that the Federal Reserve will hike interest rates on Wednesday following the conclusion of its two-day meeting on March 14-15. According to Investing.com’s Fed rate monitor tool, 93% of traders expect a rate hike in March. Gold is sensitive to moves in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion

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