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MTECHTIPS:-Gold Prices Advance as Dollar Struggles to Pare Losses; Fed Minutes Eyed

Thursday, November 23, 2017 2:51

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MTECHTIPS:-Gold Prices Advance as Dollar Struggles to Pare Losses; Fed Minutes Eyed

MTECHTIPS-Gold prices rose on Wednesday after a slump in Treasury yields pressured the dollar ahead of the release of the Federal Reserve November meeting minutes. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose by $10.53, or 0.82%, to $1292.22 a troy ounce. Rising fears that the treasury curve is edging closer to inversion – the yields on bonds with a shorter duration are higher than the yields on bonds that have a longer duration – sparked concerns over the long-term growth of the economy, raising demand for safe-haven gold. The ongoing yield curve flattening comes as data showed durable goods orders for October fell short of expectations, denting expectations somewhat that the U.S. economy is on track for a bullish final quarter of the year. The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell 0.5% last month after an upwardly revised 2.1% increase in September. Investor focus is expected to shift to monetary policy as the Federal Reserve minutes due at 2 p.m. ET could provide clues into future monetary policy action, with a December rate hike fully priced in

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