MTECHTIPS;-Gold dips in Asia as focus swings back to Trump policies

MTECHTIPS;-Gold dips in Asia as focus swings back to Trump policies

MTECHTIPS-Gold prices dipped in Asia on Wednesday with the near-term focus on the dollar as the Trump administration’s struggles to find its economic and foreign policy footings. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell 0.51% to $1,266.10 troy ounce. According to Fed rate monitor tool, just 30% of traders expect the Federal Reserve to hike rates in December. Gold futures have made a positive start to the week, adding to its three-week winning streak amid a slump in the dollar and continued political uncertainty in Washington. U.S. political uncertainty remained front and center, after President Donald Trump ousted recently hired White House communications chief Anthony Scaramucci on Monday. A weaker dollar makes commodities such as gold that are priced in the greenback cheaper to buyers outside ofthe United States. Overnight, gold prices bounced off lows on Tuesday, shrugging off an uptick in the greenback after a raft of economic data pointed to moderate economic growth and inflation, adding to expectations the Federal Reserve may abandon its plan to raise rates again this year. Gold prices hit seven-week highs, after a trio of mixed economic reports on inflation; personal spending and manufacturing activity, failed to ease concerns about the strength of the U.S. economy

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