MTECHTIPS:-Gold hovers below 8-week high ahead of Yellen, U.S.
MTECHTIPS:-Gold hovers below 8-week high ahead of Yellen, U.S. inflation data
MTECHTIPS- Gold prices were little changed on Wednesday, holding near the prior session’s eight-week high as investors await Federal Reserve Chair Janet Yellen’s speech on monetary policy. Market players also looked ahead to U.S. inflation data later in the day. Gold for February delivery on the Comex division of the New York Mercantile Exchange held steady at $1,212.65 a troy ounce by 3:15 AM ET (08:15 GMT), after jumping $16.70, or 1.4%, a day earlier. Prices of the yellow metal rallied to $1,218.90 on Tuesday, a level not seen since November 22, as the U.S. dollar plunged after President-elect Donald Trump warned that the greenback was “too strong” in an interview with the Wall Street Journal. The dollar index was up around 0.3% to 100.51 early Wednesday, not far from the previous session’s six-week low of 100.23. Global financial markets will continue to focus on Trump as he takes the Oath of Office and offers his inaugural address on Friday. Investors will welcome any detail he may give on his promises of tax reform, infrastructure spending and deregulation, as well as insight regarding policies on China and the domestic economy. Trump has been credited with being a major catalyst behind the market’s impressive rally since election day, although he has yet to outline his economic policies in detail