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

Friday, March 31, 2017 1:13
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MTECHTIPS;-Gold slumps to lows as dollar adds to gains

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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

 

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