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MTECHTIPS;-Gold turns negative on upbeat economic data

Thursday, March 30, 2017 0:26
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MTECHTIPS;-Gold turns negative on upbeat economic data3.

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MTECHTIPS - Gold prices traded modestly lower on Wednesday, weighed by a rise in the dollar, which continued to recover from multi-month lows, after the release of upbeat economic data. Gold for April delivery on the Comex division of the New York Mercantile Exchange dipped $2.65, or 0.23%, to $1,252.75 a troy ounce by 13:38 EDT. Gold prices dipped to a session low of $1,246.50, as stronger than expected U.S. home sales data supported the narrative of a stronger U.S. economy, which pushed the dollar to session highs. The U.S. National Association of Realtors said its pending home sales increased by 5.5% last month, which was far above economists’ forecast of a 2.4% increase. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.30% to 99.83 by 13:39 EDT. Dollar denominated assets such as gold are sensitive to moves in the dollar, as a strengthening greenback, tends to lessen demand for the yellow metal, as it makes it more expensive for foreign buyers. Meanwhile, British Prime Minister Theresa May triggered Article 50 on Wednesday, the legal process by which Britain will leave the EU. Article 50 gives the leaving country two years to negotiate an exit deal and once it’s triggered, it can’t be stopped except by unanimous consent of all member states. Elsewhere, investors mulled over comments from Federal Reserve officials, as Fed member Charles Evans said Wednesday, he has confidence that two total rate increases in 2017 seems “very safe”

 

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