MTECHTIPS;-Gold Prices Move Higher as Weaker Dollar, Trade Worries Support Demand MTECHTIPS-Gold prices moved higher as a weaker dollar and U.S.-China trade concerns continued to support demand for the safe haven precious medal. At 5:15 AM ET (9:15 GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $7.40, or around 0.6%, to $1,297.00 a troy ounce. Meanwhile, the dollar fell after the latest Federal Reserve meeting minutes hinted at a dovish approach to rate hikes later this year. The?minutes released on Wednesday indicated central bankers are happy to let inflation run above the 2%?target?for a “temporary period”,?signaling?no rush to tighten?monetary policy.? The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 93.65, down 0.28% by 5:17 AM ET (9:17 GMT). Dollar-denominated assets such as gold are sensitive to moves in the dollar – a drop in the dollar makes gold more affordable for holders of foreign currency and thus increases demand for the precious metal. MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on May 24 2018 4:50PM, by MTECHTIPS in Commodity tips| Share This