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MTECHTIPS:-Gold prices remain supported as dollar continues to fall

Thursday, March 23, 2017 6:32
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MTECHTIPS:-Gold prices remain supported as dollar continues to fall

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 MTECHTIPS- Gold prices traded higher on Wednesday, as investors piled into the yellow-metal amid doubts over President Trump’s economic policies while weaker than expected economic data supported upside momentum. Gold for April delivery on the Comex division of the New York Mercantile Exchange gained $2.25 or 18%, to trade at $1,248.70 a troy ounce. Gold hit a three week high of $1,250.55 earlier during the session. Gold prices continued to trade near session highs, as investors focused on the lack of progress concerning the Trump administration’s pro-growth policies ahead of a key House vote on Thursday. House Republicans plan to vote on their bill to repeal and replace the Affordable Care Act on Thursday. Meanwhile weaker than expected U.S. home resales weighed on the U.S. dollar and added a layer of supported for dollar-denominated gold. The National Association of Realtors said on Wednesday, existing home sales declined 3.7% to a seasonally adjusted annual rate of 5.48 million units last month. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, traded 0.08% lower to 99.47 by 12:05 EDT. Elsewhere, silver futures fell 0.17% to $17.553, a troy ounce while copper traded higher at $2.623. Platinum traded at $963.55 down 0.81% while Natural Gas slumped 1.55% to trade at $3.043.

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