MTECHTIPS:-Gold prices rise toward 4-week high as dollar retreats;Fed
MTECHTIPS:-Gold prices rise toward 4-week high as dollar retreats; Fed minutes ahead
MTECHTIPS- Gold prices rose on Wednesday, nearing a four-week high as the U.S. dollar retreated ahead of the release of minutes from the Federal Reserve’s December meeting. Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session high of $1,168.60 a troy ounce, a level not seen since December 9. It was last at $1,164.25 by 8:55 AM ET (13:55 GMT), up $2.45, or 0.2%, after rising $10.30, or 0.89%, a day earlier. The dollar pulled back from 14-year highs against basket of major currencies with investors wary of pushing the greenback higher before getting fresh indications on the strength of the U.S. economy and the expected pace of rate hikes this year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.3% to 102.92. The index hit highs of 103.82 on Tuesday, the most since December 2002. The Fed will release minutes of its December policy meeting at 2:00 PM ET (19:00 GMT), at which the U.S. central bank hiked interest rates and signaled it expects to raise interest rates three times in 2017.