MTECHTIPS:- Gold under pressure despite weaker jobs data

MTECHTIPS:- Gold under pressure despite weaker jobs data

MTECHTIPS- Gold prices traded flat on Thursday, as investors’ optimism that President Donald Trump’s tax reform plan would boost the dollar offset weaker than expected economic data. Gold for June delivery on the Comex division of the New York Mercantile Exchange rose $1.99, or 0.16%, to $1,266.20 a troy ounce by 13:36 EDT. Gold prices struggled to hold onto gains, despite the release of weaker than expected economic data as both Initial Jobless Claims and Durable Goods Orders fell short of expectations while a bullish pending Home Sales print capped upside momentum. The National Association of Realtors said on Thursday, its Pending Home Sales Index,declined 0.8 percent to 111.4. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 257,000 for the week ended April 22, the Labor Department said on Thursday. Meanwhile, new orders for U.S. durable goods rose 0.7 percent in March, which was far less than the 2.3 percent rise in February and well below expectations for a 1.2 percent increase. Gold prices have slumped after hitting a five-month high in mid-April of $1,297.40, as investors abandon the flight to safety trade amid falling geopolitical tensions in North Korea and a rise in expectations that President Donald Trump’s tax reform plan would boost the dollar. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.17% to 99.02 by 18:36 EDT. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A rise in the dollar makes gold more expensive for holders of foreign currency and thus, decreases demand.

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