MTECHTIPS:-Gold sinks to 2-week lows as dollar, stocks climb

MTECHTIPS:-Gold sinks to 2-week lows as dollar, stocks climb

MTECHTIPS- Gold prices sank to a new two-week low in North American morning trade on Thursday, as the U.S. dollar pushed higher and stocks around the world extended their recent rally, dimming the metal’s safe-haven appeal. Gold for February delivery on the Comex division of the New York Mercantile Exchange fell to a session low of $1,185.00 a troy ounce, a level not seen since January 11. It was last down $8.00, or around 0.7%, at $1,190.05 by 8:50 AM ET (13:50 GMT), pulling back from two-month highs of $1,219.40 touched earlier this week. Prices declined $13.00, or about 1.1%, a day earlier. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.5% at 100.43 in New York morning trade. It fell to 99.77 overnight, a level not seen since December 8, amid concerns over President Donald Trump’s protectionist stance. Trump signed executive orders on immigration on Wednesday, including one of border security and the intent to build a wall along the U.S.-Mexico border. The president is also planning ‘extreme vetting’ of visa applications and a temporary ban on virtually all refugee admissions into the U.S. as early as Thursday. That comes after the president signed to formally withdraw the U.S. from the Trans-Pacific Partnership trade deal and vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico

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