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MTECHTIPS;-Gold futures rally for 2nd day as dollar slides

Friday, February 17, 2017 0:43
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MTECHTIPS;-Gold futures rally for 2nd day as dollar slides

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MTECHTIPS-Gold prices added to overnight gains on Thursday, hitting a one-week high as the U.S. dollar’s 11-day winning streak ran out of steam despite a brighter outlook for interest rate hikes. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose $7.55, or about 0.6%, to $1,240.65 a troy ounce by 9:50 AM ET (14:50 GMT). It earlier rose to a session high $1,241.20, a level not seen since February 9. Prices gained $7.70, or about 0.6%, on Wednesday, snapping a four-session losing streak. The dollar index was down around 0.45% to 100.63 in early New York morning hours, moving away from Wednesday’s high of 101.75, which was its strongest level since January 12. Up until Wednesday, the dollar index had enjoyed a 10-session winning streak. Market players digested another raft of mostly upbeat U.S. economic data, which reinforced the idea that the Federal Reserve could raise interest rates as early as next month. The number of people who filed for unemployment assistance in the U.S. last week rose by a less-than-expected 5,000 to 239,000 last week, holding close to the lowest level since 1973. A separate report showed that the Philadelphia Fed index surged to a reading of 43.3 from 23.6 in January. That was the highest level since early 1984. Data also showed that building permits jumped by 4.6% to 1.285 million units last month from 1.210 million in December

 

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