MTECHTIPS;-Gold eases on firm dollar; markets await US Federal guidance

MTECHTIPS;-Gold eases on firm dollar; markets await US Federal guidance MTECHTIPS-Gold prices dipped on March 20, after posting gains in the previous three sessions, as the dollar gained ground ahead of an interest rate decision by the US Federal later in the day. Spot gold was down about 0.1 percent at $1,304.85 per ounce, as of 0428 GMT, trading in a narrow $3 range. US gold futures dipped about 0.2 percent to $1,304.60 an ounce. "The firm dollar and gains in equities are headwinds for gold today and currently the risk appetite is slightly high," said Benjamin Lu, analyst with Singapore-based Phillip Futures. Asian shares were trading near six-month highs ahead of a policy decision by the US Federal Reserve The Fed is due to make its rate announcement at 1800 GMT, followed by a news conference by Fed Chairman Jerome Powell. "The market is largely waiting for Fed's decision and expectations are towards zero rate hikes this year," Lu said, adding worries surrounding Sino-US trade row might add some pressure on the metal. Traders are even building in bets for a rate cut in 2020. The dollar rose against most of its peers on reports of renewed tension in US-China trade negotiations. Investors since last year have favoured the dollar as a safe haven against the US-China trade dispute. MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118
Published on Mar 20 2019 4:51PM, by MTECHTIPS in Commodity tips| Share This

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