MTECHTIPS;-Gold dips amid jump in June rate hike expectations

MTECHTIPS;-Gold dips amid jump in June rate hike expectations

MTECHTIPS-Gold futures pared gains Tuesday amid growing expectations that the Federal Reserve would increase its benchmark rate in June, which pushed the dollar off the lows, denting demand for the precious metal. Gold for June delivery on the Comex division of the New York Mercantile Exchange lost $5.03 or 0.40%, to $1,256.37 a troy ounce by 13:46 EDT. According to investing.com’s Fed rate monitor tool, nearly 80% of traders expect the Fed to hike interest rates in June, compared to only 67% of traders in the previous week. The jump in June rate hike expectations came against the backdrop of weaker than expected economic data, which failed to offset June rate hike expectations, as treasury yields and the dollar rose to session highs, reducing investor sentiment to hold bullion. IHS Markit flash U.S. manufacturing purchasing managers index (PMI) fell to its lowest level in eight months with a reading of 52.5, while its services (PMI) soared to a four-month high with a reading of 54, which was above economists’ forecasts. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
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