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MTECHTIPS;-Gold Steady on Weak U.S. Services Data; Trump Speech Awaited

Wednesday, February 6, 2019 3:27

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MTECHTIPS;-Gold Steady on Weak U.S. Services Data; Trump Speech Awaited

MTECHTIPS-The State of the Union and what President Donald Trump tell Congress is giving a gold a bid even as the dollar retains its upward bias. Fresh concerns about the U.S. economy after a back-to-back slump in durable goods orders and services sector data boosted the yellow metal in the spot market. The spot gold contract, reflective of trades in physical bullion, rose by $2.77, or 0.2%, at $1,314.46 by 2:49 PM ET (19:49 GMT). In futures trading, however, gold’s benchmark April contract on the Comex division of the New York Mercantile Exchange settled lower by a dime at $1,319.20 per ounce. Investors turned toward gold to hedge against potential market eventualities from Trump’s 9:00 PM ET speech, which could touch on anything from trade negotiations with China to the spat with Democrats refusing to fund his border wall. The President has warned he might shut the government down again if he doesn’t get his wall or declare a national emergency to fund the wall and bypass Congress.The Institute of Supply Management, meanwhile, reported a five-month low in U.S. services sector activity for January, missing consensus estimates and increasing worries of demand on a global scale. That followed through with data from Monday that showed an unexpected fall in new orders for U.S.-made goods in November, with sharp declines, particularly in demand for machinery and electrical equipment. Gold has moved solidly above $1,300 over the past two weeks, but it has lost some steam since Friday as investors returned to the dollar, strengthened by the U.S. January jobs report that showed a solid growth of 304,000 jobs versus an estimated rise of 165,000.

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