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MTECHTIPS:- Gold edges lower as strong dollar weighs

Monday, April 10, 2017 7:07

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MTECHTIPS:- Gold edges lower as strong dollar weighs

MTECHTIPS- Gold prices edged lower on Monday as the U.S. dollar continued to remain supported by Federal Reserve policy tightening expectations. Gold for June delivery dipped 0.16% to $1,255.35 on the Comex division of the New York Mercantile Exchange by 07.27 GMT. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 101.14 after touching an overnight high of 101.22, the most since March 15. Demand for the greenback continued to be underpinned after New York Fed President William Dudley said on Friday that plans to trim the Fed’s balance sheet later this year would prompt only a “little pause” in its rate hike plans. Higher rates typically support the dollar by making the currency more attractive to yield-seeking investors. A strong dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities less attractive to holders of other currencies. The dollar shrugged off remarks by St. Louis Fed President James Bullard, who said on Monday that the Fed could begin shrinking its portfolio sometime later this year in a shift that would make it less necessary to raise rates. Investors also largely shrugged off Friday’s disappointing U.S. employment data, which was not seen as impacting rate hike expectations

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