MTECHTIPS;-Gold dips in Asia with focus on Fed later this week

MTECHTIPS;-Gold dips in Asia with focus on Fed later this week

MTECHTIPS- Gold ticked slightly lower in Asia on Monday with the latest views from the Fed expected to set the tone later this week. Gold for August delivery edged down 0.04% to $1,254.48 a toy ounce on the Comex division of the New York Mercantile Exchange. For last week, the precious metal was up 1.97%. On Wednesday, the Fed will give its latest views on rates ahead of the first look at U.S. second quarter growth on Friday. The Fed is expected to hold steady. Last week, gold prices rose for a sixth straight session on Friday, to notch up the largest weekly gain in two months as the U.S. dollar slid to its lowest level in more than a year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, hit the lowest close since June 22, 2016 at 93.78. A weaker dollar tends to boost prices for gold, which is denominated in the U.S. currency. The greenback was pressured lower by the stronger euro, which was boosted by expectations that the European Central Bank is moving closer to tapering its bond-buying program and fresh political turmoil in Washington. On Thursday, Bloomberg reported that the investigation into alleged links between President Donald Trump’s campaign and Russia in last year’s election is extending into his business

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