MTECHTIPS:-Gold flat despite dip in the dollar

MTECHTIPS:-Gold flat despite dip in the dollar

MTECHTIPS-Gold prices were unchanged on Thursday, as investors continued to cheer comments from Federal Reserve chair Janet Yellen suggesting that the pace of future rate hikes would be gradual while weak inflation data lifted sentiment. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $1.06, or 0.09%, to $1,218.06 a troy ounce. A day after Janet Yellen signaled future rate hikes would be gradual, investors mulled over data showing a dip in inflation and a slowdown in the labor market. The producer price index climbed at a year-on-year rate of 2% in June, from a 2% rate the month prior. In separate report The U.S. Department of Labor said Thursday that initial jobless claims fell by 3000 to 247,000 in the week ended July 7, missing forecasts of a 5,000 decline. Gold has fallen on the back expectations that the Federal Reserve would continue raising its key benchmark rate, decreasing investor demand for gold, as a rising interest environment increases the opportunity cost of holding non-interest bearing gold. Some analysts believe, however, that gold prices typically do not retreat until later in the rate hike cycle
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