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MTECHTIPS;-Gold shrugs off upbeat economic data to trade near 1-week highs

Wednesday, April 5, 2017 3:54
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MTECHTIPS;-Gold shrugs off upbeat economic data to trade near 1-week highs

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MTECHTIPS- Gold prices traded close to one-week highs on Tuesday, despite a leap in the U.S. dollar, after the release of bullish U.S. trade data. Gold for April delivery on the Comex division of the New York Mercantile Exchange added $4.65, or 0.37%, to $1,258.65 a troy ounce by 13:43 EDT. Gold continued to trade within a narrow range with upside bias throughout the session, but a firmer dollar capped momentum in the yellow metal, after bullish trade data, showed that the U.S. trade deficit narrowed by more than expected in February. The Commerce Department said Tuesday, the trade deficit shrank by 9.6% to $43.6 billion, while January’s trade deficit was revised down to $48.2 billion from $48.5 billion. Economists had forecast the trade gap contracting to $44.8 billion in February. Investors poured into the yellow metal, which is considered a safe haven asset, ahead of a crucial meeting on Thursday between U.S. President Donald Trump and Chinese President Xi Jinping. Meanwhile, a flurry of hawkish comments from Federal Reserve officials over the past week failed to dampen demand for gold. Philadelphia Fed President Patrick Har ker said on Monday, the Federal Reserve should raise interest rates twice more this year, provided growth in the labor market and inflation momentum continues

 

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