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MTECHTIPS;-Gold Prices Slip Despite Weaker Dollar

Friday, July 20, 2018 4:33

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MTECHTIPS;-Gold Prices Slip Despite Weaker Dollar

MTECHTIPS-Gold prices dropped to a one-year low on Friday. Despite a stock market and dollar index dip after U.S. President Donald Trump criticized the central bank’s decision in raising interest rate, which would normally signal a move higher for the yellow metal, gold prices also headed down. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchanges fell 0.51% to a trading price of $1,217.8 each troy ounce at 02:39 PM ET (03:39 GMT). “I am not thrilled,” said Trump in an interview with CNBC on Thursday. “Because we go up and every time you go up they want to raise rates again. I don’t really – I am not happy about it. But at the same time I’m letting them do what they feel is best.” The comment piled pressure on the U.S. Dollar Index, which saw a 0.06% decrease to $94.92 on Friday, after rising to its one-year high of $95.129 the previous session after the U.S. Federal Reserve chairman Jerome Powell made a comment earlier this week on increasing interest rates. Suki Cooper, a precious metals analyst at Standard Charted, said, “In the current environment, gold is really struggling to garner that safe haven demand. It seems to me a lot of that has to do with the fact that we’re in a physically weak period, and you normally would have a better floor for prices

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