MTECHTIPS:-Gold climbs to highest since June at start of busy week

MTECHTIPS:-Gold climbs to highest since June at start of busy week

MTECHTIPS-Gold prices traded near their highest level in around seven weeks on Monday, as market players looked ahead to a busy week of economic data, including the monthly U.S. jobs report. Besides the nonfarm payrolls data, this week’s calendar also features U.S. reports on personal income and spending, which include the personal consumption expenditures inflation data, the Fed’s preferred metric for inflation.Data on manufacturing and service sector growth, auto sales, factory orders and monthly trade figures are also on the agenda. Comex gold futures were at $1,266.80 a troy ounce by 3:05 AM ET (0705 GMT), down $1.60, or about 0.1%. It touched its highest since June 14 at $1,270.80 earlier in the session. Prices logged a gain of 1.1% last week, its third such rise in a row, as fading expectations for the Federal Reserve to hike interest rates again later this year combined with deepening political turmoil in the White House sent the dollar to 13-month lows. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119