MTECHTIPS:-Gold steadies as dollar edges lower

MTECHTIPS:-Gold steadies as dollar edges lower

MTECHTIPS- Gold prices traded higher on Thursday, buoyed by a weaker dollar, despite the release of bullish economic data. Gold for June delivery on the Comex division of the New York Mercantile Exchange gained $5.29 or 0.44%, to $1,224.20 a troy ounce by 13:36 EDT. Gold futures traded above eight-week lows amid political turmoil in Washington, after President Trump unexpectedly fired FBI chief James Corey but gains were capped by better than expected producer inflation and labor market data. The U.S. Labor Department said its producer price index, which measures inflation before it reaches the consumer, rose 0.5% in April, above expectations for a 0.2% increase. Meanwhile, the number of Americans who filed for unemployment insurance for the week ended May 6, dropped to 236,000, a more than 28-year low. The bullish initial jobless claims report fuelled expectations that the Federal Reserve would hike its benchmark rate in June amid a tightening labor market. According to investing.com’s fed rate monitor tool, nearly 80% of traders expect the Federal Reserve to hike interest rates in June, compared to 63% in the previous week.= U.S. Treasury yields, however, failed to reflect the uptick in sentiment concerning a June interest rate hike, as the U.S. 10-Year slipped 0.43% to 2.400. Gold is sensitive to moves higher in bond yields, which lift the opportunity cost of holding non-yielding assets such as bullion

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