• Home »
  • »
  • MTECHTIPS:-Gold struggles for direction amid U.S. rate hike uncertainty

MTECHTIPS:-Gold struggles for direction amid U.S. rate hike uncertainty

MTECHTIPS:-Gold struggles for direction amid U.S. rate hike uncertainty

Gold prices swung between small gains and losses on Tuesday, as market players continued to speculate over the timing of a U.S. interest rate hike. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange tacked on 20 cents, or 0.02%, to trade at $1,118.60 a troy ounce during European morning hours. The US dollar index, which tracks the greenback against a basket of six major rivals, was last at 96.91, up 0.08% for the day. The greenback remained supported as investors looked ahead to reports on the U.S housing sector later in the day for fresh cues ahead of Wednesday’s Federal Reserve minutes, which it was hoped would provide more clarity on its plans to hike short-term interest rates for the first time since 2006. Some traders believe the Fed could postpone raising interest rates as soon as September in response to China’s currency devaluation move, as officials are likely to remain concerned over global growth and inflation pressures. A day earlier, gold rose $5.70, or 0.51%, to end at $1,118.40, not far from a one-month high of $1,126.30 hit on August 13. Data on Monday showed that manufacturing activity in the New York region slumped to its lowest level since November 2009 this month as new orders fell sharply.
WWW.MTECHTIPS.COM
07489294118-119