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MTECHTIPS:-Gold prices stage minor recovery ahead of Yellen remarks
MTECHTIPS- Gold prices staged a minor comeback as pries ticked up in China and political risk remains a feature of the market with attention now turning to the U.S. Fed chief for a clearer view on the expected rate hike path this year. Gold for April delivery on the Comex division of the New York Mercantile Exchange inched up 0.14% to $1,227.55 a troy ounce. Also on the Comex, silver futures for March delivery rose 0.12% to $17.843 a troy ounce, while copper futures gained 0.25% to $2.791 a pound amid concerns over an ongoing strike at the Escondida copper mine in Chile, the largest in the world. The mine produces roughly 5% of the world’s total copper supply. Investors also noted China’s consumer inflation rate quickened to 2.5% in January from a year earlier, the highest since May 2014 and a faster pace than expected. Overnight, gold prices were slightly lower as recent actions by U.S. President Donald Trump helped soothe investor worries about uncertainty surrounding the new administration’s controversial policies. Prices of the yellow metal rallied to a three-month high of $1,246.60 last week amid growing concerns over political risks in Europe and economic uncertainty in the U.S. But futures pulled back as markets shifted focus back on Trump’s efforts to boost economic growth after the president said his administration would be announcing “something phenomenal in terms of tax” over “the next two or three weeks” during a meeting with airline executives last Thursday
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