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MTECHTIPS:-Gold climbs to more than 2-week high as dollar sinks

Wednesday, March 22, 2017 2:02
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MTECHTIPS:-Gold climbs to more than 2-week high as dollar sinks

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MTECHTIPS-Gold prices rose to a more than two-week high during North American hours on Tuesday, as the U.S. dollar continued to head south in wake of the Federal Reserve’s dovish guidance on the future pace of rate hikes. Comex gold futures jumped to a session peak of $1,237.95 a troy ounce, the highest since March 2. It was last at $1,237.15 by 9:40 AM ET (13:40 GMT), up $3.50, or around 0.3%. It settled higher for the third session in a row on Monday. Meanwhile, spot gold was up $3.40 at $1,237.70 per ounce. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down around 0.6% at 99.59 in New York morning trade, the weakest level since February 3. The greenback has been on the retreat since the Fed raised interest rates on Wednesday last week, but stuck to its outlook for two more hikes this year, instead of three expected by the market. Market players awaited comments from a number of Fed policymakers for more clues on the timing of the next U.S. rate hike. Tuesday sees New York Fed President William Dudley, Kansas City Fed President Esther George and Cleveland Fed President Loretta Mester make public appearances. Fed Chair Janet Yellen speaks on Thursday. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion

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