MTECHTIPS:-Gold remains on track to deliver gains on first day of
MTECHTIPS:-Gold remains on track to deliver gains on first day of second quarter
MTECHTIPS – Gold prices held firm on Monday, after the release of mixed economic data while a softer dollar limited selling pressure in the yellow-metal. Gold for April delivery on the Comex division of the New York Mercantile Exchange added $3.55, or 0.28%, to $1,254.75 a troy ounce by 13:51 EDT. Gold recovered from a dip earlier during the session, after March construction spending disappointed while economic activity in the manufacturing sector slowed less than expected. The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) hit 57.2 in March, a 0.5% decrease from the February reading of 57.7 but slightly above economists’ forecasts of 57.0. Meanwhile, the Commerce Department said, February U.S. construction spending increased 0.8% to its highest level in more than ten years but it missed analysts’ expectations of a 1% rise. Gold prices continued to trade in a tight range, as investors awaited comments from several Federal Reserve officials later during the session and a key nonfarm payrolls report on Friday, to assess the likelihood of a June rate hike. According to Investing.com’s Fed Rate monitor tool, 50% of traders expect a June rate hike. Gold is sensitive to moves in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
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