MTECHTIPS;-Gold notches 7-week high as safe haven demand soars

MTECHTIPS;-Gold notches 7-week high as safe haven demand soars

MTECHTIPS-Gold rose to seven-week highs on Tuesday, as safe-haven demand soared, ahead of risk events that could rattle markets while the dollar fell to its lowest level since November as investors questioned the strength of the U.S. economy amid weak economic data. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose $14.05 or 1.10%, to $1,296.73 a troy ounce. Investors piled to into safe havens, such as U.S. treasuries, the yen, and gold, ahead of a flurry of risk events on Thursday that could spark turmoil in markets. On Thursday, investors will contend with Britain’s general election, the European Central Bank’s policy meeting and former FBI chief James Corey’s testimony before the Senate Intelligence Committee. Gold had achieved its longest winning streak since 2010 in May, advancing 0.05% for the month, despite rising expectations that the Federal Reserve would increase its benchmark rate at its June 13-14 meeting. Investor optimism about the pace of U.S. interest rate hikes over the longer-term, however, has been pegged back recently, as investors question whether recent economic data has deterred the Federal Reserve from its view that two additional rate hikes this year are appropriate. According to investing.com’s Fed rate monitor tool, over 80% of the traders expect the Federal Reserve to hike interest rates next week
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