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  • MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: December 12 – 16

MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: December 12 – 16

MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: December 12 – 16

MTECHTIPS- Gold prices touched fresh 10-month lows on Friday and the precious metal posted its fifth straight weekly decline as expectations for higher U.S. interest rates continued to weigh. Gold for February delivery settled down 0.94% at $1,161.4 on the Comex division of the New York Mercantile Exchange. It was the metals lowest close since February 5. For the week, gold was down 1.34%. The dollar rose on Friday amid widespread expectations that the Federal Reserve will hike interest rates at the conclusion of its policy meeting on Wednesday. Investors are pricing in a 100% chance of an increase at the meeting, according to federal funds futures tracked Investing.com’s Fed Rate Monitor Tool. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.48% to 101.60 late Friday. For the week, the index was up 0.75%. Higher rates boost the dollar by making the currency more attractive to yield-seeking investors. Both a strong dollar and higher interest rates are typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.

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