Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS;-Gold slumps to lows as dollar adds to gains

Friday, March 31, 2017 1:13
% of readers think this story is Fact. Add your two cents.

(Before It's News)

MTECHTIPS;-Gold slumps to lows as dollar adds to gains



MTECHTIPS- Gold prices traded lower on Thursday, as a push in the dollar weighed on the yellow metal, after the release of upbeat economic data and continued rate hike chatter from several Fed officials. Gold for April delivery on the Comex division of the New York Mercantile Exchange dipped $8.90, or 0.71%, to $1,244.80 a troy ounce by 13:48 EDT. Gold prices fell to session lows, and are on track to end the week in negative, after the dollar swooped to a nine-day high, buoyed by an upward revision in GDP data and hawkish comments from several Fed officials. The Commerce Department earlier reported that U.S. gross domestic product grew faster than previously reported in the fourth quarter. Cleveland Federal Reserve reiterated her hawkish view concerning interest rate hikes Thursday, as she said that “further removal of accommodation via increases in the fed funds rate will be needed” should economic conditions “evolve as anticipated”. Fed President John Williams, tapered some of his bullish rhetoric on the U.S. economy, after he said even though the economy shows “consistent” and “encouraging” signs, “housing still isn’t quite back”. Economic uncertainty in Europe amid the French presidential elections and the start of Britain’s departure from the European Union, have largely offset the negative impact a stronger greenback has on dollar denominated assets such as gold


MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips





Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.