MTECHTIPS;-Gold prices remain supported on weaker dollar

MTECHTIPS;-Gold prices remain supported on weaker dollar

MTECHTIPS-Gold prices continued to hover near a two-month peak on Monday, as Federal Reserve Chair Janet Yellen’s disappointing remarks at the Jackson Hole summit continued to weigh heavily on the greenback. Comex gold futures were up around $5.80 or about 0.45% at $1,303.69 a troy ounce by 08:40 a.m. ET (12:40 GMT). The U.S. dollar index plummeted to 15-month lows after a speech by Fed Chair Yellen at the Jackson Hole economic symposium made no reference to monetary policy, disappointing some investors who had hoped she would adopt a hawkish tone. The dollar has been under strong selling pressure this year amid ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.10% at 15-month low of 92.38. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases. The yellow metal has been boosted in recent weeks as U.S. political tensions supported safe-haven demand
MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119