MTECHTIPS:-Gold edges lower as dollar firms on June rate expectations

MTECHTIPS:-Gold edges lower as dollar firms on June rate expectations

MTECHTIPS – Gold prices traded flat on Monday, as investors ditched safe-haven assets, after Emmanuel Macron sealed a landslide victory over Marine Le Pen in the runoff vote on Sunday.Gold for June delivery on the Comex division of the New York Mercantile Exchange traded at $1,227.45, up 0.05% a troy ounce by 13:38 EDT. Gold futures struggled to hold onto gains, as demand for safe-haven assets eased, after centrist Emmanuel Macron won the race to the French presidency, winning 66% of the French vote on Sunday. The dollar advanced to session highs and weighed on dollar-denominated gold, but downside momentum in the precious metal was capped, as a Macron victory was widely anticipated, after he held a significant lead over Marine Le Pen in the polls during the buildup to the runoff vote on Sunday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.54% to 98.95 by 12:58 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, reduces demand. Gold futures failed to mount a recovery, coming off the back of its worst week in 2017, after a strong U.S. jobs report on Friday, pushed treasury yields higher and raised expectations of a June rate hike
MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119