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MTECHTIPS:-Gold futures little changed with timing of Fed rate hike in focus
Gold prices were little changed in holiday-thinned trade on Monday, as traders continued to mull the timing of a Federal Reserve rate hike. Activity was likely to remain thin on Monday, as markets in the U.K., U.S. and Germany are all shut for public holidays. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery tacked on $1.00, or 0.08%, to trade at $1,205.90 a troy ounce during European morning hours. Futures held in a tight range between $1,203.30 and $1,206.20. On Friday, gold fell to $1,201.90, the weakest level since May 13, before ending at $1,204.90, down 20 cents, or 0.02%. Futures were likely to find support at $1,191.50, the low from May 13, and resistance at $1,225.50, the high from May 19. Also on the Comex, silver futures for July delivery inched up 3.6 cents, or 0.21%, to trade at $17.08 a troy ounce. Silver closed at $17.05 on Friday, down 8.1 cents, or 0.47%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.1% at 96.35 early Monday, after hitting an intraday peak of 96.53, the strongest level since April 28. The greenback strengthened after Fed Chair Janet Yellen said on Friday that interest rates will be raised later in the year. After that, future rate hikes will be small and gradual over the next several years, Yellen added. The dollar had also been boosted on Friday after stronger-than-expected U.S. inflation data supported the case for a rate hike later this year.
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