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MTECHTIPS:-Gold pulls back from 2-week high ahead of more Fed speakers

Tuesday, March 21, 2017 8:47
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MTECHTIPS:-Gold pulls back from 2-week high ahead of more Fed speakers

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MTECHTIPS-Gold prices were lower during European morning hours on Tuesday, pulling back from a two-week high as market players awaited comments from a number of Federal Reserve policymakers for more clues on the timing of the next U.S. rate hike. Comex gold futures dipped $5.50, or around 0.5%, to $1,228.40 a troy ounce by 4:05 AM ET (08:05 GMT). It settled higher for the third session in a row on Monday after hitting its strongest since March 6 at $1,235.50 as markets continue to adjust to the Fed’s dovish guidance on the future pace of rate hikes. Meanwhile, spot gold was down $5.50 at $1,228.80 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 0.3% at 99.86 in London morning trade, the weakest level since February 6. The greenback has been on the retreat since the Fed raised interest rates on Wednesday last week, but it kept its forecast at two more rate hikes for 2017. Heading into the meeting, markets had braced for a potentially more hawkish tone from the Fed. The Fed will likely wait at least until June policy meeting to decide whether to lift interest rates again, Chicago Fed President Charles Evans said on Monday in one of the first official comments after the Fed’s meeting last week. 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

 

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